Powered by

Exxon Mobil Scraps a Russian Deal, Stymied by Sanctions

Mar 01, 2018 - The New York Times

HOUSTON — Exxon Mobil is abandoning its joint exploration ventures with the Russian oil company Rosneft, retreating from what was one of its most promising investments until Western sanctions got in the way.

During the early years of the Obama administration, when there was a brief warming of relations, Exxon Mobil signed an exploration deal with the Russians. Exxon and Rosneft, which is only half-owned by the Russian government but state-run, agreed to invest $3.2 billion to search for ...