Obama-Putin rift no barrier to Exxon's Russia ambitions

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

The deepening alliance between Exxon Mobil (XOM) and Rosneft (RNFTF) shows the troubled relationship between the U.S. and Russian governments is no bar to America’s most valuable energy company investing billions in Russia.

The joint venture expects to start its first Arctic well this year, targeting a deposit that may hold more oil than Norway’s North Sea; it also plans to frack shale fields in Siberia, sink a deepwater well in the Black Sea and build a natural gas export terminal in Russia’s Far East.

Diplomatic spats are unlikely to derail business relationships with Russia, especially when the country holds the world's largest oil reserves and XOM needs to find new reserves after three straight years of declining output.