ExxonMobil takes a risk with its reputation on its joint project with Rosneft in the Arctic

U.S. oil giant ExxonMobil, which partners the Russian state-owned company Rosneft in the devlopment of oil and gas deposits on the Arctic shelf, took a decisive step towards this project.

The drilling rig, which Exxon is going to operate, sailed from Norway on Saturday, July 19th, two days after passenger airliner was brought down in the Ukraine, and the United States and Europe were thinking about new sanctions against Russia. These sanctions may be targeted at the energy industry, which is critical for Russia, writes The New York Times.

In August, Rosneft and ExxonMobil will begin drilling in the Kara Sea. And in 2017-2020, the company and its partners on the shelf (Eni, ExxonMobil, Statoil) intend to conduct geological exploration and evaluation works there. They expect to receive the first oil before 2025, and then to begin commercial production. In general, according to Rosneft, it can produce about 100 million tons of oil equivalent on the shelf by 2030 - a quarter of the total production of hydrocarbons.