Exxon, Rosneft establish ARC
Rosneft and ExxonMobil signed agreements establishing a joint Arctic Research Center (ARC) in Russia and technology-sharing to support their joint ventures worldwide. ARC will provide research, development, and technical services, with a near-term focus on the Kara Sea. ARC staff will be in Moscow with the joint venture teams.
Initial activities include work on safety and environmental protection, ice, metocean and geotechnical surveys, sea ice management, design criteria, and evaluation and design of development concepts.
ExxonMobil will provide US$200 million for initial research. Rosneft and ExxonMobil will equally fund the next $250 million to continue their joint work at the ARC. Rosneft holds 66.67% and ExxonMobil holds 33.33%.