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US sanctions freeze Russia's Arctic plans

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In response to US sanctions Karmorneftegaz (ExxonMobil 33% Rosneft 67%) is winding down operations on the Universitetskaya 1 exploration well in the Kara Sea. This is the biggest well of the year globally by prospect size (9.5 billion boe) and at an estimated one billion dollars could have been the most expensive well ever. The US sanctions target Arctic offshore shale oil and deep water. These were the pillars of Russia s post 2020 oil strategy and deeply impact Rosneft and the Russian state.

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    US sanctions freeze Russia's Arctic plans

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  • Location of the Universitetskaya-1 well

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