Report: Rosneft suspends Black Sea license over U.S. sanctions

Russian oil company Rosneft has reportedly suspended its license for oil and gas exploration in the Yuzhno-Chernomorsky block in the eastern part of the Black Sea due to U.S. sanctions imposed on the Russian oil and gas industry in 2014. 

According to a Friday report by the Russian news agency, TASS, the oil company suspended the license for five years because the projects is economically unfeasible in the current environment of adverse macroeconomic situation and sanctions.

Another factor that contributed to such decision was the unavailability of drilling vessels and equipment that match Rosneft’s requirements for the implementation of the well construction in the license area, a representative for Rosneft told TASS.

However, the company plans to monitor the situation for changes in the market and will reinstate the rights in case the situation improves, the news agency further said.

TASS also added that the situation with the Yuzhno-Chernomorsky license did not affect Rosneft’s Zapadno-Chernomorsky license area in the Black Sea where the company plans to drill an appraisal well in the near future in cooperation with the Italian oil company, Eni.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply