Tuapse field
Offshore oil field in Black Sea
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History
In August 2003, Rosneft was awarded a license to explore the field, allowing the company to carry out surveys and small-scale exploratory drilling.[3]
In February 2011, Rosneft and ExxonMobil reached a preliminary agreement to develop the field; the agreement was officially announced on 30 August 2011 as part of a US$3.2 billion joint venture between the two companies that also included the development of the East-Prinovozemelsky field in the Arctic Kara Sea.[2] Under the terms of the contract, Rosneft will own two-thirds of the joint venture, with Exxon controlling the remainder.[4]
After Russia annexed Crimea in 2014, the US imposed sanctions that blocked the partnership.[5] ExxonMobil was later granted a limited waiver to maintain "administrative actions" in the joint venture, and in March 2017 applied to the US government for a full waiver that would allow it to resume drilling in partnership with Rosneft.[5] The request was denied in April, leaving ExxonMobil with little chance of beginning drilling before the joint venture agreement expired at the end of the year.[6]
