Russia's Rosnet, Exxon discover offshore Arctic oil

(MENAFN) Russia'a top crude oil producer Rosneft had discovered in cooperation with ExxonMobil at an offshore Arctic field, which has been at the center of controversy due to Western sanction against Moscow, Oman Observer.

Further progress at the site is likely to be problematic as international oil majors have to wind down work in Russia due to Western sanctions following the Ukraine crisis.

Rosneft and its head lgor Sechin were among the targets of the sanctions, imposed over Moscow's role in the Ukrainian conflict, which has claimed the lives of more than 3,000 people.

The sanctions, introduced by the United States and European Union, effectively freeze access by Russian companies to foreign technology and ban Western companies from cooperating in the Arctic, as well as in shale exploration and deep-water drilling.