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ExxonMobil said to halt drilling in $700-million project in Russia
ExxonMobil said to halt drilling in $700-million project in Russia

ExxonMobil has halted drilling on its platform in the Kara Sea and begun shutting down its $700-million joint venture with Russia's Rosneft energy giant to comply with U.S. sanctions that take effect next week, energy industry sources reported Friday. The drilling operation on the U.S. oil company's platform off Russia's far-north Yamal peninsula was meant to begin tapping an estimated 9 billion cubic meters of oil under the sea worth $885 billion at current prices, Bloomberg reported. The business information conglomerate cited three unidentified oil industry sources as saying a day earlier that ExxonMobil had already ceased drilling in preparation for installing at least a...

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