2014-09-03 18:30:00
RUSSIA ARCTIC AMBITIONS
Beneath the Kara Sea, north of Russia's Siberian coastline, lies more oil than can be found in the whole of the Gulf of Mexico. That, at least, is the Russian government's estimate – and the reason why ExxonMobil began drilling a well there with Rosneft just four weeks ago.
But the companies' attempts to realise the Russian Arctic's potential are now being severely threatened by the western sanctions imposed on Russia over the conflict in Ukraine.
And it is not the only project at risk. Other ventures worth billions of dollars are in limbo, putting Moscow's ambitions to develop its huge Arctic and shale reserves…
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