May 19, 2024

ExxonMobil Loses $1 Billion in Cooperation with Russian Oil Company

According to news from Otaz Agency on February 27, 2015, ExxonMobil Corporation of the United States announced in its report that the company’s loss due to the termination of cooperation with Russian oil companies at the end of 2014 was as high as US$1 billion. It is reported that in August 2011, ExxonMobil and Russia Petroleum signed a strategic cooperation agreement to jointly implement marine and continental shelf drilling projects such as Kara Sea and Black Sea. Among them, the Russian oil accounted for 66.7% of the share, Exxon accounted for 33.3% of the share. After being affected by the U.S. sanctions against Russia, the two sides were forced to suspend their projects in Siberia, the Arctic continental shelf and Western Siberia.

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