Russia threatens oil giants’ licences

Oil majors’ relations with the authorities in Russia came under renewed strain when a senior official raised the prospect of taking ExxonMobil’s licence for the giant Sakhalin-1 development off the company as a punishment for possible cost overruns.
Sergei Fyodorov, head of geological and subsoil use policies at the Ministry of Natural Resources, said it had been told on a preliminary basis that the US firm’s costs for the project in Siberia could rise to $17bn (
The Herald