Rosneft postpones Kara Sea drilling after Exxon complies with sanctions

Kara SeaRosneft postpones Kara Sea drilling: The Russian state-controlled oil company Rosneft has concluded that it will not be able to resume drilling in the Kara Sea this year now that both Exxon Mobile and Norway’s North Atlantic Drilling (NADL) have felt obliged to comply with the sanctions imposed on Russia by the EU and the US. The presence of oil under the Kara Sea was confirmed last September and the size of its reserves has been compared to those of Saudi Arabia. Without Exxon’s platform and NADL’s semi-submersible rigs, Rosneft has been forced to call a halt to a project that was seen as pivotal Russia’s attempts to increase global market share of the energy sector. Vedomosti, Reuters