ExxonMobil abandons joint venture with Russia’s Rosneft

ExxonMobil abandons joint venture with Russia’s Rosneft

ExxonMobil is walking away from a partnership with Rosneft that promised big projects n the Arctic and Black Sea regions. These were one projects considered important growth prospects but due to US sanctions have been halted.

The formal withdrawal will cost about $200 million after tax. In a statement Rosneft said “Nothing new has happened. This, unfortunately, is an expected event related to sanctions. ExxonMobil has ben forced to do this.”

Exxon is reevaluating and turning its attention to US shale oil fields off the coast of Texas and New Mexico as well as the deep waters of Guyana.

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