Russia and Exxon Mobil Sign Arctic Oil Deal
In a bid to remain the world’s top oil producer, Russia is partnering with Exxon Mobil and a number of other foreign oil companies to develop plans to get at reserves deep beneath the Arctic crust as early as 2020.
In a bid to remain the world’s top oil producer, Russia is partnering with Exxon Mobil and a number of other foreign oil companies to develop plans to get at reserves deep beneath the Arctic crust as early as 2020.
The deal, signed on April 18, gives Exxon Mobil access to oil fields in the Black Sea and grants Russia access to some of Exxon Mobil’s oil stock in Texas, Canada and the Gulf of Mexico. Some estimates put the oil and gas reserves beneath Russia’s patch of the Arctic at 100 billion tons. –ARK
Your support is crucial…NPR:
“If you want to be in this business in 2020, 2025, you must think about the Arctic,” says Konstantin Simonov, head of the National Energy Security Fund in Moscow.
In the past month, Moscow has signed several deals with foreign oil companies designed to maintain Russia’s position as the top producer. The most important deal, and the most lucrative, is a partnership between Exxon Mobil and Russian oil giant Rosneft.
Exxon Mobil could eventually spend half a trillion dollars to look for and extract oil and gas in the Russian Arctic. The investment is enormous, but so are the potential rewards.
With an uncertain future and a new administration casting doubt on press freedoms, the danger is clear: The truth is at risk.
Now is the time to give. Your tax-deductible support allows us to dig deeper, delivering fearless investigative reporting and analysis that exposes what’s really happening — without compromise.
Stand with our courageous journalists. Donate today to protect a free press, uphold democracy and unearth untold stories.
Environment
The debate over deep-sea mining exposes a contradiction between the country’s proud culture of environmental stewardship and its dependence on the extraction of the ocean’s riches.
Environment
The phrase grabs people's attention, but some scientists argue it does more harm than good.
Environment
In the Canadian Arctic, two ambitious research initiatives try to strengthen climate data through community engagement.
As climate change accelerates and our biosphere begins to collapse, superpowers will jockey for access to the ice cap's natural resources.
The NOAA's annual report on the Arctic contains some terrifying findings. Here are just 5 of the most worrying ones.
There’s change afoot even where scientists least expect it.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.