- Despite striking oil in the Kara Sea on Friday, ExxonMobil (NYSE:XOM) is suspending cooperation with Russia's Rosneft (OTCPK:RNFTF) on offshore drilling in the Arctic due to sanctions.
- "Theoretically, there was a possibility to continue the work, but it was necessary to obtain a new permit," Kommersant reports. "But (ExxonMobil) failed to get it. ExxonMobil should stop work and evacuate its personnel by mid-October."
- The Kara Sea oil province is estimated to contain oil reserves comparable to those of Saudi Arabia.