Sanctions Force Rosneft To Shut Down Oil Project

Economic sanctions against Russia have made the offshore
Yuzhno-Chernomorsky oil field economically unfeasible, and Rosneft
will now suspend exploration in the area for five years, Russian
media reported, quoting the company. Rosneft also claimed that a
lack of drillships and other equipment prompted the
suspension—equipment needed for well-drilling in the
Yuzhno-Chernomorsky license area in the Black Sea. Still, the
company said, it will keep an eye on the macroeconomic situation in
Russia and resume exploration in the license area as soon…

Economic sanctions against Russia have made the offshore
Yuzhno-Chernomorsky oil field economically unfeasible, and Rosneft
will now suspend exploration in the area for five years, Russian
media reported, quoting the company. Rosneft also claimed that a
lack of drillships and other equipment prompted the
suspension—equipment needed for well-drilling in the
Yuzhno-Chernomorsky license area in the Black Sea. Still, the
company said, it will keep an eye on the macroeconomic situation in
Russia and resume exploration in the license area as soon…