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Rosneft continues alone with Kara Sea arctic exploration

24th October 2014

Rosneft’s chairman, Igor Sechin, has declared that the company will continue with exploration in the arctic Kara Sea with or without its joint-venture partner ExxonMobil

Rosneft continues alone with Kara Sea arctic exploration
Other major European and North American oil and gas companies have also ceased operating in Russia whilst the diplomatic dispute continues, jeopardising other cutting-edge projects in LNG development and unconventional exploration

"We will continue drilling in any case, on our own, always and everywhere. If partners can take part - that's good, if they can't - we will carry on alone," said Sechin to reporters at a conference in Italy.

ExxonMobil has stopped its operations with Rosneft at their joint arctic project in the Kara Sea following sanctions imposed on the Russian firm due to the crisis in Ukraine.

Many industry voices have cast doubt over Rosneft’s ability to commercialise oil production from its arctic plays without ExxonMobil’s expertise and technology.

Other major European and North American oil and gas companies have also ceased operating in Russia whilst the diplomatic dispute continues, jeopardising other cutting-edge projects in LNG development and unconventional exploration.

This follows Gazprom Neft’s declaration earlier this month that it would continue developing shale oil production sites in Siberia without the assistance of its joint-venture partner Shell.

Sechin was one of the first Russian oil and gas executives to be targeted by sanctions in July, and has been sharply critical of Western policy towards the Russian energy sector.

"In a turbulent political, macroeconomic and market environment, we need to look beyond the 10-20 year time-frame, we need to see in it that there is no alternative to international division of labour, constructive and mutually beneficial cooperation and interaction.

“Those who act contrary to unprejudiced laws of economy, do so to the detriment of the market, that is, to their own detriment, among others. These people fail to perceive the consequences of such conduct."

Rosneft filed law suits last week with the EU Court of Justice over sanctions which had been imposed on them by the EU in late July.

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