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2018-10-22 11:55:00

RUSSIA - EXXON: NEW PROJECTS

RUSSIA - EXXON: NEW PROJECTS

BLOOMBERG Russia has begun discussions with Exxon Mobil Corp. on possible new oil and gas projects, potentially creating a dilemma as the U.S. government mulls more sanctions against the country.

The talks could lead to increased cooperation between the U.S. energy giant and state-run Rosneft PJSC, Russian government officials said, asking not to be named discussing confidential information. Several options have been prepared for Exxon, including in natural gas, refining and chemicals, none of which are currently subject to American sanctions, two officials said.

Exxon and Rosneft declined to comment.

Exxon abandoned most of its joint ventures with Rosneft earlier this year amid a previous round of sanctions. That was a blow for both companies: their agreements signed five years ago to drill millions of acres in the Arctic and Black Sea should have been the crowning achievement of Rex Tillerson's 11-year tenure at the helm of Exxon. It would also have cemented the dominance of Rosneft boss Igor Sechin over Russia's oil industry.

Exploration Potential

President Vladimir Putin personally blessed those ventures, foreseeing decades of exploration in the country's richest -- and largely untapped -- offshore areas. After Exxon withdrew, Rosneft bought out its stakes in projects holding an estimated 12.3 billion tons of potential oil and condensate resources. Rosneft has said it would welcome Exxon back should it see an opportunity to do so without legal risks.

Meanwhile, the U.S. company is left with just one major operation in Russia -- the Sakhalin-1 venture, which started more than a decade ago and pumps more than 200,000 barrels of crude a day. The potential offer of new projects is something Russia agreed on with Exxon in 2017 while settling a lengthy tax dispute at Sakhalin-1, two officials said.

The two companies resolved a separate dispute related to that project last month, which helped improve relations between Exxon and the Russian government though isn't linked to the new offer of work, one of the officials said. Should the U.S. major go ahead with one of the new ventures, an agreement is possible before the end of the year, one official said.

The U.S. is considering more sanctions against Russia, potentially as soon as next month. A multitude of measures have been proposed as punishment for alleged election meddling and use of chemical weapons in the U.K. In August, Washington banned the export of certain "sensitive" goods and technologies to Russia, which could affect liquefied natural gas, refining or chemical projects.

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Earlier: 

 EXXON'S LNG FOR CHINA
2018, October, 19, 11:05:00

EXXON'S LNG FOR CHINA

REUTERS - Exxon Mobil Corp is placing big bets on China’s soaring liquefied natural gas (LNG) demand, coupling multi-billion dollar production projects around the world with its first mainland storage and distribution outlet.

 

 EXXON AND ROSNEFT IN MOZAMBIQUE
2018, October, 10, 07:40:00

EXXON AND ROSNEFT IN MOZAMBIQUE

REUTERS - The Mozambican government said on Monday it had signed oil exploration agreements with U.S. energy firm Exxon Mobil and Russia’s Rosneft.

 

 EXXONMOBIL EARNINGS $4 BLN
2018, July, 30, 13:30:00

EXXONMOBIL EARNINGS $4 BLN

EXXONMOBIL - Exxon Mobil Corporation announced estimated second quarter 2018 earnings of $4 billion, or $0.92 per share assuming dilution, compared with $3.4 billion a year earlier. Cash flow from operations and asset sales was $8.1 billion, including proceeds associated with asset sales of $307 million. During the quarter, the corporation distributed $3.5 billion in dividends to shareholders. Capital and exploration expenditures were $6.6 billion, up 69 percent from the prior year, reflecting key investments in Brazil, the U.S. Permian Basin and Indonesia.

 U.S. - EXXON - RUSSIA SANCTIONS
2018, July, 12, 10:20:00

U.S. - EXXON - RUSSIA SANCTIONS

BLOOMBERG - Treasury Secretary Steven Mnuchin told a Texas judge that Exxon Mobil Corp. doesn’t have a right to see privileged documents related to a $2 million fine assessed against the energy company for violating sanctions related to Russia’s 2014 invasion of Ukraine.

 EXXON STRATEGY - 2025: TWICE
2018, March, 9, 13:30:00

EXXON STRATEGY - 2025: TWICE

EXXONMOBIL - Aggressive Growth Plans to More than Double Earnings - Earnings and cash flow from operations projected to approximately double by 2025 - Strongest investment opportunities in two decades to drive results, improve returns - Profitable production growth with low-cost-of-supply tight oil, liquefied natural gas and deepwater

 

 EXXON ПОКИДАЕТ РОССИЮ
2018, March, 4, 11:20:00

EXXON LEAVES RUSSIA

ROSNEFT - The decisions of ExxonMobil to abandon certain projects that fall under the legislative limitations once again imposed by the US government despite their successful development fully comply with the position of the American regulator that changed the way we collaborate on these projects.

 EXXON ENERGY OUTLOOK - 2040
2018, February, 5, 07:45:00

EXXON ENERGY OUTLOOK - 2040

EXXONMOBIL - Despite efficiency gains, global energy demand will likely increase nearly 25 percent. Nearly all growth will be in non-OECD countries (e.g. China, India), where demand will likely increase about 40 percent, or about the same amount of energy used in the Americas today.

 

 

Tags: RUSSIA, EXXON, ROSNEFT, SANCTIONS