Exxon Mobil Corporation (NYSE:XOM) Discovers New Hydrocarbon Field in The Kara Sea

Boston, MA 09/29/2014 (wallstreetpr) – According to reports, one of the largest oil companies of the world Exxon Mobil Corporation (NYSE:XOM) and its partner OAO Rosneft have discovered a new hydrocarbon field in the Kara Sea. OAO Rosneft is a well-known Russian State Oil company.

Insights of the matter:

Recently OAO Rosneft announced in a statement that it had successfully executed the drilling procedure of the Universitetskaya-1 well in the Arctic Field with the help of Exxon Mobil Corporation (NYSE:XOM). The Company revealed that it had found major amount of natural gas and oil at the very first well in the Arctic Field. There were various rumors in media about the process. According to a few reports, there were questions on how these two firms would exploit various resources that they got in the Arctic Field. Recently US sanctions were imposed on Russia for its involvement and support to Ukraine during the US Ukraine issue. As per the terms and conditions of these sanctions, all the US companies were barred from providing technology, goods and services for all the oil projects in Russia including Arctic oil project.

Exxon Mobil Corporation (NYSE:XOM) announced in the previous month that it would comply with US sanctions and stop all the activities related to University-1 well in the Kara Sea arctic area with immediate effect. With this announcement it got clear that $700 million natural gas and oil project in Arctic Area would be put on hold for infinite time. When it comes to the oil discovery announcement, Rosneft said that the depth of the straight well was 2113 meter, while the depth of sea at drilling site was 81 m. It decided to drill the well in complete open water conditions at 250 km clear off the inland and 74th circle of longitude. The company had decided to give this field a new name i.e. Pobeda.

 

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