UPDATE 2-ExxonMobil starts drilling for oil in Russia's Arctic

[mitty14u2]

Aug 9(Reuters) - U.S. oil giant ExxonMobil began drilling in Russia's Arctic on Saturday, despite Western sanctions imposed on its Russian partner Rosneft, and was hailed by Russia's president as an model of "cooperation".

Although U.S. sanctions over the crisis in Ukraine are not designed to halt joint projects by Russian and U.S. companies, they nevertheless aim to starve Rosneft of dollar financing and ban access to modern technology.

"Today, commercial success is driven by efficient international cooperation," Vladimir Putin told Rosneft CEO Igor Sechin and Glenn Waller, ExxonMobil's lead manager in Russia, on a videoconference call from his Black Sea residence in Sochi.

http://www.reuters.com/article/2014/08/09/russia-rosneft-exxon-mobil-idUSL6N0QF0B220140809

Exxon Mobil deal with Ukraine factors in Russia’s Crimea policy

The August 2012 awarding of rights to develop a major natural gas find in the Black Sea near Crimea to a consortium led by Exxon Mobil and Royal Dutch Shell may have strongly predisposed Russia to support the referendum which resulted in the reunion of Crimea with Russia. The Skifska gas field is estimated to hold recoverable gas reserves in the range of 200-250 billion cubic meters. The field is likely to produce five billion cubic meters of gas annually once developed.

http://peoplesworld.org/exxon-mobil-deal-with-ukraine-factors-in-russia-s-crimea-policy/


Exxon Mobil saw its profits soar to $8.8 billion in the second quarter

http://www.reuters.com/article/2014/07/31/us-exxon-mobil-results-idUSKBN0G01EG20140731

Shell quarterly profit beats forecasts, $6.1 billion

http://uk.reuters.com/article/2014/07/31/uk-shell-results-idUKKBN0G00FD20140731

BP second quarter profits to $3.64 Billion

http://fortune.com/2014/07/29/2q-international-earnings-highlights-bp-warns-on-rosneft-risks/

Iraq: the Biggest Petroleum Heist in History?

http://www.counterpunch.org/2014/05/23/iraq-the-biggest-petroleum-heist-in-history/

[leftyohiolib]

1. time for us to "dump the oil"

[sakabatou]

2. Glad I dumped my stock years and years back