MOSCOW – Rosneft (MICEX:ROSN) and ExxonMobil (NYSE:XOM) have agreed to expand their cooperation to include a further 600,000 sq km (231,661 sq mi) of exploration acreage in the Russian Arctic.
With Russia’s President Vladimir Putin attending, the two companies signed accords to explore seven new blocks, comprising Severo-Vrangelevsky-1, Severo-Vrangelevsky-2 and Yuzhno-Chukotsky blocks in the Chukchi Sea; Ust’ Oleneksky, Ust’ Lensky and Anisinsko-Novosibirsky blocks in the Laptev Sea, and the Severo-Karsky block in the Kara Sea.
Rosneft says these are among the world’s most promising and least explored offshore areas.
Under a separate heads of agreement, Rosneft (or its affiliate) will be able to acquire a 25% interest from ExxonMobil in the Point Thomson Unit, covering development of gas and condensate field on Alaska’s North Slope.
Additionally, the two companies will jointly study the economic viability of an LNG development in the Russian Far East, which could involve construction of an LNG facility.