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. Last Updated: 07/27/2016

2 U.S. Companies Tout Russian Oil

NEW YORK -- The romance of searching for oil in Russia hasn't faded for two U.S. oil companies - Conoco Inc. and USX-Marathon Group - despite political and economic crises and low global oil prices.

Conoco, which is already producing 35,000 to 40,000 barrels of oil per day from the Ardalin field in its Polar Lights project, said that was just the start for its operations in Russia.

"It has been a dogfight every step of the way, but at the end of the day, it is successful," Rob McKee, who heads Conoco's oil and gas division, told journalists Wednesday.

McKee said that while Russia would not be a substantial investment for Conoco in the near term, the fact that oil production-sharing legislation had been passed and tax legislation was imminent had improved the investment climate.

Marathon, meanwhile, said a floating oil storage unit for its Sakhalin II project would be installed in the summer and the partners had drawn a $348 million loan from international financial institutions.