ExxonMobil, the world's biggest publicly traded oil company, is considering further projects in Russia. Senior vice president, Rex Tillerson, said this year Exxon would spend $US1 billion on fields at Sakhalin Island off Russia's east coast.
Analysts see Exxon's move as a response to BP's announcement last week it would pay about $US7 billion in cash and stock for a new venture company that will become Russia's third largest oil and gas producer. The deal represented the biggest foreign equity investment in Russia to date.
Exxon and its other rival Royal Dutch Shell Group have restricted their Russian investments mostly to offshore fields in the Pacific.
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