Putin praises Exxon as Arctic drilling starts

Vladimir Putin lauded Russia's "old and reliable partner" Exxon Mobil (NYSE:XOM) this weekend in a ceremony launching the start of drilling the country's northernmost oil well.

Putin, XOM Russian chief Glenn Waller and Rosneft (OTC:RNFTF) CEO Igor Sechin, undeterred by the crisis in U.S.-Russian relations, together welcomed the start of the Arctic well in the first step in a quest for new energy resources to help maintain oil production near a post-Soviet high of more than 10M bbl/day.

Universitetskaya is the first of as many as 40 offshore wells Rosneft plans by 2018 to test the potential of the unexplored Arctic Ocean.

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Comments (8)
  • Veritas1010
    , contributor
    Comments (3406) | Send Message
    One should evaluate closely complements, and whence they derive from.


    And analogy would the Chinese saying; "May you live in interesting times.."
    11 Aug 2014, 09:54 AM Reply Like
  • ljames2
    , contributor
    Comments (58) | Send Message
    Considering all the investment we have devoted to extraction in foreign lands, and "securing the shipping lanes," you have to ask: where we will draw the line on acquiring oil?


    Increasingly, it is better to have less reliance on oil. The US will never be meaningfully self-reliant on oil, going forward -- it's getting too expensive and the world is inter-linked.


    Fortunatley, clean energy is showing good investment returns. I think we can now see our way to alternatives to oil.
    11 Aug 2014, 11:15 AM Reply Like
  • xomstock
    , contributor
    Comments (473) | Send Message


    I think we can be meaningfully self-reliant with our own oil going forward. If not we will be close enough that we will not have to kiss the ring and bow down to the middle east.


    oil extraction is expensive and you only reach peak oil at a dollar amount per barrel.


    If clean energy is showing such good investment return then why does it take massive amounts of tax dollars to get it to happen? If it makes money why can it not stand alone.


    If you can see your way to alternatives to oil please give me a tip, we can both get rich.
    11 Aug 2014, 05:24 PM Reply Like
  • ljames2
    , contributor
    Comments (58) | Send Message
    All of your thoughts and comments are good points... pending improved battery storage for grid and vehicles, I note that the international clean energy index funds have been doing well since Spring of last year. A lot of folks want to be sustainable. The S&P clean energy index (international) has been beating the S&P 500 and regular petroleum type energy. We'll see if it itself is sustainable!
    11 Aug 2014, 09:19 PM Reply Like
  • xomstock
    , contributor
    Comments (473) | Send Message
    I look forward to the continued decline in solar cell prices. I think that there will come a day when many if not all homes will have grid tie Solar built into the roof. When the numbers are right and the reliability and lifespan are right it will happen.
    12 Aug 2014, 05:40 PM Reply Like
  • mathari
    , contributor
    Comments (276) | Send Message
    Russia’s Kara Sea rivals the Gulf of Mexico in reserve capacity. Should be a large source of oil for XOM for a long time to come.
    11 Aug 2014, 01:19 PM Reply Like
  • User 353732
    , contributor
    Comments (5168) | Send Message
    XOM as a continuous entity pre dated and outlasted the Soviet Empire. It will outlast Putinism.
    If the resource can be developed in a way that benefits shareholders it will eventually be turned to commercial use. Regimes come and go whether in Russia or North America or Iraq or Venezuela but XOM endures and the oil and gas resources are eventually produced.
    Regimes think in terms of years; XOM thinks in terms of decades. Other than CVX no other company can match XOM's strategic horizon, discipline, competence and global diversification.
    11 Aug 2014, 03:15 PM Reply Like
  • comsense8
    , contributor
    Comments (25) | Send Message
    I believe in oil like user does and I guess I am an optimist because I believe there will eventually be alternatives. Just do not get your hopes up for a quick demise of petroleum like it is evil because it has much value beyond motor fuel. Besides energy it is a source for thousands of chemicals and products.


    Electrict cars will happen but not by leaps and bounds but rather by millimeters and microns. Business progress will happen without government as it becomes financially sound investment. Throwing government money at a project will not make it work if the technology is not practical.


    Presently piston engines move huge amounts of material in a very practical manner with hydrocarbons. You cannot change the physics of it all. Politics cannot replace physics, it's that simple. However you can win elections talking about it, but it is just so much hot wind.
    11 Aug 2014, 09:20 PM Reply Like
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