Well, so much for the threat of sanctions causing oil and gas companies to pull out of Russia. This past week saw slew of oil companies, including ExxonMobil (XOM -0.99%), Total (TTE 0.68%), and BP (BP 0.45%), sign major deals with Rosneft and Lukoil to explore Russia's expansive shale oil and Arctic resources. These deals are not only major wins for these Big Oil players, but also an unprecedented opening of the Russian oil and gas market.
It's not a coincidence that Russia is under threat from the West and has recently signed big development joint ventures on top of the massive China gas deal. There are some very overt political tones to these deals. But if you are BP, ExxonMobil, or Total, why not take advantage of the situation? Tune into the video below to see how politics play into these recent deals and what they mean for these companies in the long run.
