US sanctions have failed to dilute the relationship between the leaders of ExxonMobil and Rosneft.
ExxonMobil chief executive Rex Tillerson appeared alongside Rosneft chief executive Igor Sechin in Moscow as he spoke of their future endeavours.
Igor Sechin, a confidante of Russian President Vladimir Putin, was sanctioned by the US government earlier this year as part of a package to punish Russia for annexing Crimea from Ukraine.
ExxonMobil has continued to pursue a global alliance with Rosneft despite the ban.
Tillerson refused to comment on Sechin’s sanction as he spoke.
Instead he said: “We look forward to taking advances achieved in the cutting-edge success in the Far East of Russia and building on them to unlock new supplies of oil and gas.”
Sechin, who is banned from travelling to the US, said: “All major projects this year are related to our joint work with Exxon.”
The two companies plan to drill a well in the Kara Sea later this year, targeting a formation that could hold more than 8 billion barrels of oil. A four day voyage is needed to access the remote Arctic well. The secluded location would make it one of the most expensive wells Exxon has ever drilled at $600million.
The pair are also jointly pursuing shale exploration in Siberia and joint venture fields in Texas.