ExxonMobil, Rosneft ink $3.2B exploration agreement in the Russian Arctic, Black Sea

By Phaedra Friend Troy

US super-major ExxonMobil (NYSE:XOM) and Russian major Rosneft has signed a strategic cooperation agreement to jointly explore and develop oil and gas resources in the Russian Arctic, the US and abroad, as well as commence technology and skills-sharing initiatives.

“This large-scale partnership represents a significant strategic step by both companies,” said Rex Tillerson, CEO of ExxonMobil. “This agreement takes our relationship to a new level and will create substantial value for both companies.”

The agreement includes a $3.2 billion exploration commitment for the East Prinovozemelskiy Blocks 1, 2 and 3 in the Kara Sea and the Tuapse License Block in the Black Sea

Additionally, the agreement offers Rosneft the opportunity to gain interest in several of ExxonMobil's exploration opportunities in North America, including the deepwater US Gulf of Mexico and tight oil fields in Texas. 

ExxonMobil and Rosneft have also agreed to conduct a joint study on developing tight oil resources in Western Siberia.

Under the agreement, ExxonMobil and Rosneft will create an Arctic Research and Design Center for Offshore Developments in St. Petersburg, to be staffed by both companies. The center will use ExxonMobil and Rosneft technologies to develop new technologies to support the joint Arctic projects, including drilling, production and ice-class drilling platforms.

Additionally, the companies will commence a staff exchange program to strengthen the relationship between the companies and provide career development opportunities.

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