Russia relies on companies including ExxonMobil, BP, Halliburton and Schlumberger for the latest technology and expertise.

The Obama administration’s targets include OAO Rosneft, OAO Novatek, OAO Gazprombank and eight defense firms.

At 20%, BP holds the single biggest foreign investment in Russia.

Investment from energy companies is vital to Ukraine’s mission to pull away from Russian control.

The potential loosening of Russian red tape could provide enough slack for both foreign and domestic oil and gas companies to increase profits and build partnerships.


The second-largest U.S. energy producer will pull out of an agreement for exploring the Oleska field in western Ukraine, a government official said this week.

Chevron Corp. may pull out of a shale-gas project in western Ukraine, further frustrating the country’s efforts to cut its dependence on Russia.

JKX Oil & Gas Plc has been awarded a further five-year term to its Zaplavskoye exploration license.

Testing of well E-303 on the Elizavetovskoye Field in Ukraine indicates a gross pay of 167 m (548 ft) spread over eight reservoir horizons, JKX Oil & Gas said in a news release.

Statoil has sold its 15.5% participating interest in the Shah Deniz production-sharing agreement.


Output of 505 million metric tons is equivalent to about 10.1 MMbbl/d, while Saudi Arabia’s output last month was 9.75 MMbbl/d last month, according to Bloomberg estimates. Oil and gas account for more than half of Russia’s budget revenue.


BP Plc is in talks to buy a direct stake in an East Siberian oil producer from OAO Rosneft, according to a person with direct knowledge of the matter.

Tendeka has been awarded two significant contracts for the sand and inflow control technology in Russia.

The oil arm of state-run Gazprom started exclusive talks with the Vietnamese producer on joint development of the Dolginskoye Field, which holds more than 200 million tons (about 1.5 Bbbl) of estimated reserves.

West Alpha could end up operating offshore Norway instead of going back to Russia in 2015, said Dominic Genetti, operations manager for Exxon Mobil in Norway.

Eni and Turkmenistan’s State Agency for Management and Use of Hydrocarbon Resources signed an addendum to a PSA for onshore activity and a memorandum for offshore activity.