Eni Quits Russian Black Sea Project: Report

Italian producer Eni has frozen its exploration activities in Russia's sector of the Black Sea which it was carrying out with state-controlled Rosneft, Russian business daily Kommersant reported March 30.

It quoted the head of the minerals agency, Rosnedra, Evgeny Kiselev, saying that Rosneft had ceased work. Its partner Eni was funding the exploration and carrying it out. A source close to the partnership said Eni had explained its decision to stop co-operating in terms of US sanctions on Russia. However the partners had also not found any oil either with the one well drilled so far. 

US ExxonMobil decided last year to drop all its deepwater projects it had with Rosneft n Russia last year, it said in a regulatory filing. It had seen success in the Kara Sea in the Arctic but could not pursue it with sanctions in place.