ExxonMobil ‘Winding Down’ Drilling at Russian Well
Published at | Updated at
Photo by David McNew/Getty Images(NEW YORK) — ExxonMobil will suspend drilling at its oil well in the Russian Arctic, complying with U.S. sanctions against Russia.
The company said that it would wind down operation, with the permission of the U.S. Treasury Department. ExxonMobil cited “the need to protect the safety of the individuals as well as the risk to the environment” related to the “complexity” of it University-1 well.
The Treasury Department, ExxonMobil says, granted the company a license to slow their drilling instead of ceasing it entirely immediately.
The well was involved in exploratory drilling, meaning it will have little to no impact on oil output.
Follow @ABCNewsRadio
Copyright 2014 ABC News Radio