Exxon expands Rosneft pact

Wednesday, February 13, 2013

Rosneft pact grants Exxon 7 Arctic Sea blocks

ExxonMobil President Stephen Greenlee and Rosneft President Igor Sechin sign expanded cooperation agreement

ExxonMobil significantly boosted its presence in the Russian Arctic with new agreements with Russian partner Rosneft.

Presidents from both companies - Stephen Greenlee,ExxonMobil; and Igor Sechin, Rosneft - gathered to sign an addendum to the pair's 2011 strategic cooperation agreement. ExxonMobil will now have access to seven new exploration blocks in the Chukchi, Laptev and Kara Seas, an area totaling approximately 600,000 sq km.

In turn, the agreements grant Rosneft the option to pick up 25% of the Point Thomson Unit, which services the natural gas and condensate field on Alaska’s North Slope. ExxonMobil and Rosneft also pledged to conduct a joint study on the economic viability of LNG development in the Russian Far East.

"The agreements signed today bring the already unprecedented scale of Rosneft and ExxonMobil partnership to a completely new level," Sechin said. "The enormous resource potential of Russian Arctic offshore fields will be explored and developed in the most efficient manner with the application of cutting-edge technologies and expertise of our strategic partner, ExxonMobil, using state-of-the-art environmental protection systems.

"Participation in the Point Thomson project will increase Rosneft’s access to the latest gas and condensate field development technologies used in harsh climatic conditions."

Categories: Russia Arctic North America Geology LNG

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