Exxon Mobil CEO Rex Tillerson said on Thursday seismic studies at the Arctic Kara Sea oil exploration project with Russian oil major Rosneft were ahead of schedule and he expected drilling to commence in 2014-15.
"Exploration activities in the Kara Sea have already commenced and we are actually ahead of schedule to complete the seismic acquisition this month," Tillerson told President Vladimir Putin in Vladivostok ahead of the APEC summit.
"With this data on the Kara Sea in hand and analysed we expect the drilling of an exploration well in 2014-15 time frame," he said.
Tillerson said he saw potential for exploration drilling in the Black Sea also in 2014-15 and said the companies were reviewing two shipping alternatives in the Arctic.
"We will undertake a study of a couple of different alternatives, most likely through the north west, through some of the shipping lanes whose current activity is shipping minerals from the mines in the area," Tillerson said.
"It may be piped to the shore, to the terminal," Tillerson said, adding that decision will depend on where the oil will be found.
Source: Reuters
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