Rosneft Freezes Oil Production in Black Sea Because of Sanctions
2017 October 30 ( Monday ) 10:13:32
Baku/30.10.17/ Turan: The Russian oil and gas company Rosneft suspended exploration and production of oil in the South Black Sea area in the eastern part of the Black Sea due to the Western sanctions against the Russian Federation.
The Federal Agency for Subsoil Use (Rosnedra), at the request of the corporation, froze the validity of the relevant license for five years.
As explained by Vedomosti, under the terms of the license, the company had to perform exploration works on the area of not less than 1,000 square kilometers by 2018, and by November 2022 to complete the construction of at least two wells.
The newspaper Kommersant, in turn, notes that Rosneft in return will focus on geological exploration in the West-Black Sea area. There it is engaged in exploratory drilling with the Italian oil and gas company Eni. -0