Oil found in the Arctic by Exxon and Rosneft

A potentially large Russian Arctic oil well has been found by Exxon and Russia’s state-owned energy company Rosneft, the two firms announced on Saturday. The finding raises the prospect that the Arctic is awash with oil and gas, marketbusinessnews.com reports. 

The timing for Exxon, however, could not be worse. The United States, European Union and other allies have expanded sanctions against Russia for allegedly sending troops and military equipment across the border into Ukraine to help the rebel separatists.

The US sanctions prohibit domestic companies from providing goods, services and technology for projects in the Russian Arctic.

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