The joint drilling project in the Kara Sea between Exxon and the Kremlin's state oil firm Rosneft has become one of the most watched projects by the oil industry after the West ratcheted up sanctions on Moscow for its incursion in Ukraine. Two previous waves of sanctions have failed to stop Exxon from sending an oil drilling rig from Norway to the Russian waters in August in the hope to confirm billions of barrels of new oil reserves. - See more at: http://www.rigzone.com/news/oil_gas/a/135104/Russia_Says_Exxon_Still_Drilling_In_Its_Arctic