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ExxonMobil to raise investments in Russia if finds oil in Arctic

June 27, 2014, 11:09 UTC+3 KHABAROVSK
ExxonMobil cooperates with Russian oil major Rosneft in the development of the Arctic
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A view of an island in the Arctic (archive)

A view of an island in the Arctic (archive)

© ITAR-TASS/Geology Institute press service

KHABAROVSK, June 27. /ITAR-TASS/. US ExxonMobil will boost its investments in Russia, if it discovers oil in the Arctic, CEO of ExxonMobil Russia Glenn Waller said Friday.

“We will raise investments significantly if we find oil. Everything will depend on the conditions,” he said.

ExxonMobil cooperates with Russian oil major Rosneft in the development of the Arctic and the companies plan up to $500 billion direct investments.

Exploration drilling in the Kara Sea will start in September-November 2014.

Waller also said that oil from the deposits will be transported only by tankers.

He said that ExxonMobil did not hold negotiations with gas giant Gazprom on purchase of gas from the Sakhalin-1 deposit. “We are not in negotiations with Gazprom. We are focused on our partnership with Rosneft in a liquefied natural gas project,” Waller said.

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