Exxon Mobil Corp. Chief Executive Officer Rex Tillerson talked up his company’s prospects in Russia, appearing in Moscow alongside OAO Rosneft CEO Igor Sechin, who’s been sanctioned by the U.S. government.
Even as the decision to stop gas supplies to Ukraine aggravates tensions with the U.S. and Europe, Russia faces a dilemma: it still needs Exxon Mobil Corp., Halliburton Co. and BP Plc to maintain output from Soviet-era oil fields and develop Arctic and shale reserves.
Exxon Mobil Corp., which this month extended its partnership with Russia’s OAO Rosneft, hasn’t had to change its business in the country amid Ukraine-related sanctions and said such steps are typically ineffective.
Exxon Mobil Corp., the largest U.S. oil company, said state and federal governments will play an important role in the safe and efficient development of North American crude and natural-gas resources that are transforming the continent’s energy supplies.
Exxon Mobil Corp.’s coup in securing access to OAO Rosneft’s Arctic oil frontier is the culmination of almost 15 years of effort by Chief Executive Officer Rex Tillerson to expand its position in Russia.