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Exxon and Gazprom Continue Gas Export Talks

U.S. oil major Exxon Mobil remains in talks with Russian gas export monopoly Gazprom about the possible export of gas from Exxon's Sakhalin-1 oil and gas project in east Russia

the news was reported by Russell Bellis, Exxon's Exploration director for Europe, the Middle East and North Africa at the sidelines of the International Petroleum Week conference.

Exxon believes it is entitled to export gas at world rates under its contract with the government but Gazprom wants the project to sell its gas to Gazprom at a lower, local price.

Exxon's partners in Sakhalin-1 include Russia's Rosneft and India's ONGC.

Bellis added that Exxon, which has operations in Libya, was not worried about recent comments by the Libyan leader Muammar Gaddafi threatening possible nationalisation of the industry.

Bellis said he had "No concerns," about such an outcome. Other oil executives have also dismissed the threats and analysts believe the Libyan leadership is simply trying to extract better terms from oil companies in contract negotiations.

Source: Reuters

Author: Ksenia Kochneva