Rosneft May Delay Arctic Wells on Sanctions as It Turns to Asia

OAO Rosneft may delay Arctic exploration wells as Russia’s biggest oil company seeks alternatives to technology it has lost access to because of sanctions imposed on the country by the U.S. and Europe over the Ukraine conflict.

“We have to adapt and find alternative solutions,” Artur Chilingarov, a member of Rosneft’s board, said in an interview today in Oslo, speaking through an interpretor. “This is difficult and cannot be done overnight.” Asked whether the company might postpone wells planned as soon as next year in the Kara Sea to 2016 or 2017, he said: “It’s possible.”