29 Apr 2014:
Exxon Mobil Arctic Project
Possibly At Risk Over Russia Sanctions
Exxon Mobil's development of a Russian Arctic oil project valued at nearly $900 billion is at risk following recent U.S. sanctions on Russian officials as a result of Ukraine's ongoing political crisis, Bloomberg News reports
. Exxon Mobil has partnered with the Russian state-controlled oil company OAO Rosneft to drill an oil-rich geological structure known as Universitetskaya, which contains an estimated 9 billion barrels of oil, valued at $900 billion at current market prices. Rosneft's CEO, Igor Sechin, a longtime member of Russian President Vladimir Putin's inner circle, was sanctioned by the U.S. yesterday, exposing the partnership with Exxon Mobil to additional scrutiny. Exxon Mobil and Rosneft are set to invest an estimated $600 million in drilling at the site in the Kara Sea, which would make the project Exxon's most expensive to-date. A U.S. Treasury official said yesterday that U.S. companies can still do business with Rosneft, but some analysts say Russian companies could become wary of working with Western corporations in the future. Exxon said last week that the project is on schedule.
Yale Environment 360 is
a publication of the
Yale School of Forestry
& Environmental Studies
Yale Environment 360
articles are now available in Spanish and Portuguese on Universia
, the online educational network. Visit the site.
Business & Innovation
Policy & Politics
Pollution & Health
Science & Technology
Antarctica and the Arctic
Central & South America
Tribal people and ranchers join together to stop a project that would haul coal across their Montana land. Watch the video.
is now available for mobile devices at e360.yale.edu/mobile
A, aerial view of why Europe’s per capita carbon emissions are less than 50 percent of those in the U.S. View the photos.
The 2015 Yale e360 Video Contest winner documents a Northeastern town's bitter battle over a wind farm. Watch the video.
video series looks at the staggering amount of food wasted in the U.S. – a problem with major human and environmental costs. Watch the video.
video goes onto the front lines with Colorado firefighters confronting deadly blazes fueled by a hotter, drier climate. Watch the video.
A three-part series Tainted Harvest
looks at the soil pollution crisis in China, the threat it poses to the food supply, and the complexity of any cleanup. Read the series.