Weekend Economists Talk Like Pirates September 19-21, 2014

[xchrom]

22. EXXON TO WIND DOWN RUSSIAN DRILLING PROJECT

http://hosted.ap.org/dynamic/stories/U/US_EXXON_RUSSIA_DRILLING?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-09-19-13-55-21

NEW YORK (AP) -- Exxon Mobil said Friday that it will wind down a drilling project in Russia in compliance with U.S. sanctions, but said it received a license to keep working beyond the sanctions' deadline in order to complete the work.

U.S. sanctions against Russia over its involvement in the Ukraine require the removal of U.S. workers on projects in the Russian Arctic and other select locations by September 26.

Exxon is drilling an exploratory well in the Kara Sea in the Russian Arctic, and had planned to stop drilling in October in order to remove equipment and personnel before winter set in.

Exxon said it has received a license from the U.S. Treasury Department for more time to wind down operations safely and close up the project before winter "to ensure a safe and environmentally responsible completion," said Exxon spokesman Richard Keil. "The license is non-renewable and no further work is permitted."