(Dagbladet): the United States and the European Union is preparing to impose new sanctions on Russia to stop the lucrative oil exploration in Arctic waters where as Statoil and the John Fredriksen’s Seadrill has major interests, reports Bloomberg.
The new sanctions, according to Bloomberg sources prohibit American and European cooperation in oil exploration in the deep Arctic waters in Russia or oil shale on Russian territory.
Sensational escalation
Bloomberg report three American officials as the source. They want to remain anonymous because the punitive measures have not yet been made public.
EU should have gone with the sanctions at a meeting on Monday, but awaiting an evaluation of the existing ceasefire between Ukraine and the prorussiske separatists. This report two European officials who also wishes to remain anonymous, writes Bloomberg.
If sanctions are adopted, they will be able to inflict significant damage on the Russian economy. According to experts, Russia is still dependent on American and European expertise, equipment and technology in order to continue the search and exploration in the very harsh Arctic oil fields. This will prevent the Russians to establish and exploit its huge oil reserves that are meant for the future. The long term effects can therefore be great for Putin.
– Provoked by Seadrill
The sanctions will also affect a number of Western companies and suppliers. The largest of these is Exxon, which has extensive interests in Russia, in cooperation with Rosneft and the John Fredriksen-owned Seadrill and its subsidiary North Atlantic Drilling.
Just Bermuda-registered Seadrill, according to Bloomberg have done diplomats from the United States and the European Union pissed when they signed an agreement with the state-controlled Russian oil giant Rosneft worth NOK 26.5 billion, just hours before the sanctions against Russia were further tightened on Friday 1 August.
The sanctions, which among other things, prevent future agreements on the export of equipment and oil technology to Russia that can be used for oil exploration and extraction in the Arctic, struck namely not already signed contracts.
Seadrill had already made his mark, after Seadrill Top and owner John Fredriksen’s right hand, Tor Olav Trøims appeared in the St. Petersburg International Economic Forum in May. According to DN, this was an event President Barac Obama had warned Western CEOs to line up on. Trøims signed a contract with Rosneft chief Igor Sechin in the sight of men by Russian President Vladimir Putin.
– We relate to the course that might be of international sanctions. At the same time this is a deal that was begun long before the issue was relevant and that hopefully will last until long after the issue has found a good solution for all parties, said Trøims then.
Statoil affected
Also Statoil will be affected if the new sanctions into force. Statoil has already noticed that the sanctions are introduced, where several planned collaborations with Rosneft now being delayed. Under the ONS conference in Stavanger in late August said Statoil CEO Helge Lund that the company is now preparing for a long and complicated process to get approved export of equipment and services to Russia.
We are collaborating today with France’s Total on a producing oil field in Russia, and has a strategic partnership with Rosneft in the Arctic, which includes sections seismic survey in the Barents Sea and the Sea of Okhotsk, and pilot projects related to oil production in a country field.
– We do not comment on speculation about possible new sanctions, but relate to the sanctions already in place, says director Knut Rostad Statoil Dagbladet.
He said the company monitors the situation closely, and that the group’s interests in Russia are long term.
We have not succeeded Dagbladet to get a comment from Seadrill, scoring tonight.
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