Kara Sea oil discovery overshadowed by sanctions

Kara Sea oil discovery: Rosneft and Exxon Mobile have confirmed that they have successfully completed exploratory drilling at the Universitetskaya-1 well in the Kara Sea where oil reserves are estimated to be comparable to those of Saudi Arabia. Development of the field is, however, likely to be slow as international oil companies are being obliged to wind down their Russian operation in the wake of the Ukraine crisis. The Moscow Times