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Russia and the US in successful Arctic drilling

State-owned Russian oil company Rosneft has - in collaboration with US Exxon - discovered oil in the Kara region in the Arctic. Estimates indicate that the region contains more oil than the Gulf of Mexico, according to Bloomberg.

Photo: Marinvest

In spite of the current sanctions between Russia and the West, Russian Rosneft and US-based Exxon have worked together and discovered oil in the Kara Sea region in the Russian part of the Arctic.

"It exceeded our expectations. This discovery is of exceptional significance in showing the presence of hydrocarbons in the Arctic," Rosneft CEO Igor Sechin tells Bloomberg.

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