ExxonMobil, Rosneft join for exploration, development projects

Offshore staff

SOCHI, Russia – Rosneft and ExxonMobil have agreed to undertake join exploration and development of hydrocarbon resources in Russia, the United States, and elsewhere, as well as to share technology and expertise.

Included in the agreement is a plan to spend $3.2 billion to explore Least Prinovozemelskiy blocks 1, 2, and 3 in the Kara Sea and the Tuapse license block in the Black Sea.

The agreement also gives Rosneft an opportunity to gain equity in a number of ExxonMobil exploration opportunities, including deepwater Gulf of Mexico.

The companies will establish an Arctic Research and Design Center for Offshore Development in St Petersburg, Russia, to be staffed by employees of both companies. The center aims to develop new technology for Arctic drilling, production, and ice-class platforms, among other things.

08/30/2011



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