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
Wait, before you go…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.
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.
Support Truthdig
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.
Rep. Don Young, R-Alaska, calls the Democratic bill "a sham," and says, "this is not a wilderness area."
Things are getting noticeably harder and hotter due to climate change, and the worst part is, we are doing this to ourselves.
There are currently no responses to this article.
Be the first to respond.