Economic sanctions against Russia have made the offshore Yuzhno-Chernomorsky oil field economically unfeasible, and Rosneft will now suspend exploration in the area for five years, Russian media reported, quoting the company. Rosneft also claimed that a lack of drillships and other equipment prompted the suspension—equipment needed for well-drilling in the Yuzhno-Chernomorsky license area in the Black Sea. Still, the company said, it will keep an eye on the macroeconomic situation in Russia and resume exploration in the license area as soon as the economic circumstances permit. Russia’s largest oil company holds licenses for seven offshore blocks in three southern seas: the Black Sea, the Sea of Azov, and the Caspian Sea. An audit that DeGolyer & MacNaughton carried out last year peg the combined reserves of the seven blocks at 3.6 billion tons of oil equivalent (26.39 billion barrels). The Black Sea blocks are a top priority for Rosneft’s […]