ExxonMobil has been given extra time by the U.S. Treasury Department to abandon the exploration well drilled by the U.S. major in partnership with Russia’s Rosneft in the Kara Sea.
The operator said the U.S. Treasury Department, recognizing the complexity of drilling the University-1 well, has given it (along with its U.S. contractors involved) a special license to safely wind down operations on the probe, drilled with the West Alpha semisubmersible rig in a water depth of 80 m (262 ft).
Treasury Department officials had imposed sanctions on the drilling operation in retaliation for Moscow’s support for Ukrainian separatists, and gave U.S. firms until 26 September to wind down exploration or joint ventures with Rosneft and other Russian entities.
Originally Exxon and Rosneft were planning to drill the well to a depth of 2,350 m (7,708 ft).
- Four anchor handling tug supply vessels supplied for work in the Kara Sea won’t be affected by current EU and U.S. sanctions against Russia. Viking Supply has provided three ice-class vessels and one icebreaker under contracts with an unnamed client for the 2014 and 2015 drilling seasons, with options for the 2016 and 2017 seasons also, starting in May each year.
Viking said its does not expect the EU and U.S. sanctions to affect its operations and financial performance in 2014 and adds that it is too early to determine if the sanctions will impact drilling seasons in 2015 and beyond.
Recommended Reading
UK’s Union Jack Oil to Expand into the Permian
2024-01-29 - In addition to its three mineral royalty acquisitions in the Permian, Union Jack Oil is also looking to expand into Oklahoma via joint ventures with Reach Oil & Gas Inc.
Elk Range Royalties Makes Entry in Appalachia with Three-state Deal
2024-03-28 - NGP-backed Elk Range Royalties signed its first deal for mineral and royalty interests in Appalachia, including locations in Pennsylvania, Ohio and West Virginia.
Dorchester Minerals Buys Interests in Two Colorado Counties
2024-04-01 - Dorchester Minerals’ acquisition totals approximately 1,485 net royalty acres for roughly $17 million.
Marketed: EnCore Permian Holdings 17 Asset Packages
2024-03-05 - EnCore Permian Holdings LP has retained EnergyNet for the sale of 17 asset packages available on EnergyNet's platform.
Marketed: Amati Royalties Powder River Basin Opportunity
2024-03-01 - Amati Royalties has retained EnergyNet for the sale of a Powder River Basin opportunity with four wells and two pending wells in Campbell County, Wyoming.