Russian Sanctions Lead ExxonMobil to End Rosneft Partnership

ExxonMobil Corp. plans to formally withdraw from what were expected to be lucrative Russian oil and gas partnerships because of U.S. sanctions.

March 2, 2018

ExxonMobil Challenging $2M Fine Imposed by Treasury for Violating Russian Sanctions

ExxonMobil Corp. on Thursday said it would fight a $2 million fine imposed by the U.S. Department of Treasury for potentially violating Russian sanctions dating to 2014 while it was led by Secretary of State Rex Tillerson.

July 20, 2017

BP, Rosneft Strike Natural Gas Alliance to Expand Europe Sales, Develop Projects

BP plc on Friday clinched an agreement with OAO Rosneft to expand natural gas sales to Europe and develop more gas projects in Russia.

June 2, 2017

Rosneft Joins BP, Schlumberger in Wireless Seismic Technology Pursuit

Russia’s largest publicly traded producer, OAO Rosneft, is becoming an equal partner in groundbreaking research between BP plc and Schlumberger Ltd. to develop “cableless” onshore seismic acquisition technology.

September 2, 2016

BP Profits Climb, But Russia Poses Risks

BP plc on Tuesday reported a 65% increase year/year in profits in 2Q2014 on clear signs of recovery in the Gulf of Mexico (GOM). However, Group CEO Bob Dudley warned that Russian investments are growing more risky on escalating economic sanctions.

July 29, 2014

BP Expects to Play Role in Russia-Ukraine Situation, Says CEO

BP plc has no plans to turn its back on considerable Russian oil and natural gas prospects, and the company, in fact, expects to play an important role to bridge engagement between Russia, as an energy supplier, and Europe, as an energy consumer, Group CEO Bob Dudley said Thursday.

April 10, 2014

Russia’s Actions in Ukraine Fuel Debate Over Sanctions, LNG Exports

Analysts said economic sanctions from the United States and the European Union (EU) designed to punish Russia for its actions in Ukraine were "modest" at best, and could potentially damage business relationships that western oil and gas companies spent years building with OAO Gazprom and OAO Rosneft, Russia's state-owned gas and oil companies.

March 18, 2014

Industry Briefs

Russia’s OAO Rosneft apparently no longer is considering BP plc as a partner for its planned Arctic development. The strategic alliance had included an Arctic exploration joint venture as well as a stock swap (see NGI, Jan. 17) BP’s current Russian partner TNK-BP objected and legally blocked the alliance (see NGI, May 30). BP CEO Bob Dudley, who had helped craft the proposed alliance, said the company was “moving on,” readying the launch of 30 global projects by the end of 2016 and returning to work in the Gulf of Mexico.

June 13, 2011