Table 1
Projects, stranded due to sanctions.
| Project | Participants | Description | Current status |
|---|---|---|---|
| Joint shelf projects affected by the sanctions | |||
| Universitetskaya-1 well (Kara Sea) and Tuapsinskoye field in the Black Sea | Joint venture between Rosneft (51%) and Exxon (49%) | In 2011 Exxon and Rosneft had formed an alliance to explore and develop potentially vast but largely untapped reserves of Russian Arctic and Black Sea shelves. In September 2014 exploratory well drilled in the Kara Sea established the presence of significant oil and gas resources. | Postponed |
| However, following the second round of sanctions adopted just a few days before the discovery; ExxonMobil suspended the project and withdrew from Russian joint ventures, writing off $1 billion. | |||
| Projects: Vostochno-Prinovozemelsky – 1, 2, 3; Severo-Karsky And Ust-Oleneksky; Ust-Lensky; Anisina-Novosibirsky; Severo-Wrangelevsky – 1, 2, 3; Yuzhno-Chukotsky; The Tuapse Deflection | Joint venture between Rosneft (67%) and Exxon (33%) | Exxon withdrew from the ventures in accordance with sanctions regulations. | Rosneft announced independent development of the projects |
| Two objects in the Barents sea and Val-Shatskoye field in the Black sea | Joint venture between Rosneft (67%) and ENI (33%) | In 2012, Rosneft and ENI signed an agreement on joint development of offshore fields in the Barents and Black seas. | Postponed |
| Joint unconventional oil projects, affected by the sanctions | |||
| Bazhen and Achimov formations in the Western Siberia | Joint venture Trizneft Pilot SARL between Rosneft (51%) and Exxon (49%) | The companies planned joint evaluation of commercial development potential of unconventional oil of Bazhen and Achimov formations. ExxonMobil planned to invest 300 million dollars. | Postponed |
| Development of Domanik deposits in Orenburg region | Joint venture between Rosneft (51%) and BP (49%) | BP planned to compensate part of Rosneft’s past investment in Domanik deposits exploration and provide carry financing up to $300 million. The pilot program was to be be implemented in two stages. | Postponed |
| Development of the Bazhen formation in Khanty-Mansiysk | Joint venture between LUKOIL and Total | Companies planned joint exploration of three shale formations: Vostochno-Kovenskoye, Tashinskoye and Lyaminskoye in Khanty-Mansiysk. The investments were estimated at 120–150 million dollars. | Total transferred its share in the project to LUKOIL |
| Development of the Bazhen formation in Khanty-Mansiysk | Khanty-Mansiysk oil and gas Union JV between Shell (50%) and Gazprom Neft (50%) | JV received permits for the exploration of Uilsky-4, Uilsky-5 and Yuzhno-Lungorsky-1 sites in Khanty-Mansiysk. | Shell suspended activities on the project |
Source: SKOLKOVO Business School Energy Centre (SEneC).