Rosneft: Exxon will be able to return to joint projects when "the emergence of legislative possibilities"

Rosneft will continue the independent development of projects and support the return to them Exxonmobil "upon the appearance of legislative possibilities." This is stated in a statement by the Russian company in connection with the notification of Exxonmobil about the exit from joint projects due to sanctions.

“Work with Exxonmobil for projects that do not fall under existing restrictions, as well as on promising projects will continue,” the statement says. “Rosneft expresses gratitude to the partners for the incomplete efforts to receive permits of the authorized US bodies for the continuation of participation in the projects. Legal registration of this situation is consistent Exxonmobil in order to minimize damage to the shareholders of both companies. "

On Thursday, Exxonmobil Corp reported in the annual report sent to the US Securities and Exchange Commission (SEC), which at the end of 2017 decided to withdraw from the joint with Rosneft for the search for oil fields. The company noted that it was doing this within the framework of the requirements of the American government, which last year legally entrenched and expanded sanctions against Russia.

"The corporation and its subsidiaries intend to comply with all the requirements of the legislation, rules and provisions. At the end of 2017, the corporation decided to get out of these joint projects. The corporation believes that the exit will begin in 2018," the document says. It is noted that the decision to withdraw from the joint projects with Rosneft will lead to a loss of $ 200 million.

In August, US President Donald Trump signed the sanctions law adopted by Congress . The document tightened the restrictions on the transfer of American technologies for the exploration and production of Russian oil at great depths, the Arctic shelf and in shale formations. Such sanctions acted only in relation to the projects of Gazprom, Gazpromneft, Surgutneftegaz, Rosneft and Lukoil. The law extends them to all projects in which one of the named companies owns a “significant uncontrolled share” - 33 percent or more. In addition, transactions in the field of pipeline export of hydrocarbons are limited.

In 2011, Rosneft and Exxonmobil signed an agreement on strategic cooperation in Russia, the USA and third countries. It provided for the geological exploration and development of three Rosneft licensed sections in the Kara Sea and the Tuapse License Plot in the Black Sea. The share of the participation of Rosneft in projects amounted to 66.7 percent, Exxonmobil - 33.3.

In 2014, at the Licensed Plot of East Prinno-Zemelsky-1 Rosneft, together with Exxon, drilled the University-1 well, confirmed the presence of hydrocarbons. However, in September of the same year, Exxon Mobil suspended joint work on the drilling of this well in connection with the US and EU imposed by the Rosneft .

Exxonmobil appealed to the US Department of Finance with a request to remove restrictions on drilling work in the Black Sea as part of its joint venture with Rosneft. However, such a permit was not received.

In July 2017, the American Ministry of Finance fined Exxonmobil by $ 2 million for violation of the sanctions regime. According to the department, from May 14 to May 23, 2014, the company signed eight documents with the head of Rosneft Igor Sechin, who is on the Black List.