Exxon’s $900 Billion Arctic Prize at Risk After Ukraine

(Photo Credit: GAZPROM)

By Stephen Bierman

Exxon Mobil (XOM) Corp.’s dream of drilling in the Russian Arctic may risk running aground on the politics of Ukraine.

The company plans to start drilling in August in the Arctic’s remote Kara Sea — the centerpiece of Exxon’s global alliance with Russian state-controlled OAO Rosneft. (ROSN) The partnership, which includes shale exploration in Siberia and joint venture fields in Texas, will come under greater scrutiny after the U.S. placed sanctions on Rosneft’s Chief Executive Officer Igor Sechin.

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