logo
Share SHARE
FONT-SIZE Plus   Neg

Rosneft, ExxonMobil Announce Progress In Strategic Cooperation Agreement

Rosneft and ExxonMobil Corp. (XOM: Quote) signed agreements to implement a long-term Strategic Cooperation Agreement concluded in August 2011 to jointly explore for and develop oil and natural gas in Russia and to share technology and expertise.

The agreements were signed by Rosneft President Eduard Khudainatov, Rex Tillerson, chairman and chief executive officer or CEO of Exxon Mobil, Stephen Greenlee, president of ExxonMobil Exploration Company and Neil Duffin, president of ExxonMobil Development Company, in the presence of Russian Prime Minister Vladimir Putin and Deputy Prime Minister Igor Sechin.

Commenting on the agreements, the company said the agreements form joint ventures to manage an exploration program in the Kara Sea and Black Sea. They also set the terms for investments to be made by the partners in Russian offshore projects. The initial cost of preliminary exploration is estimated at over US $3.2 billion.

Neftegaz Holding America Limited, an independent indirect subsidiary of Rosneft registered in Delaware, concluded separate agreements on the acquisition of a 30 percent equity in ExxonMobil's share in the La Escalera Ranch project in the Delaware Basin in West Texas in the United States.

Also, Neftegaz Holding America Limited will be given the right to acquire a 30 percent interest in 20 blocks held by ExxonMobil in the U.S. Gulf of Mexico, the company noted.

In addition, RN Cardium Oil Inc., an independent Rosneft subsidiary, acquired 30 percent of ExxonMobil's stake in the Harmattan acreage in the Cardium formation of the Western Canada Basin in Alberta, Canada. The execution of that project may become a source for the development of technologies for unconventional reservoirs in Russia.

Rosneft and ExxonMobil have also signed an agreement to jointly develop tight oil production technologies in Western Siberia. This will enable the companies to later discuss undertaking joint projects to explore and develop prospective areas with unconventional oil potential in Russia.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Internet giant Google Inc. (GOOGL, GOOG) has launched a new online flight search tool that makes it easy to find out the best flight deal. The tool dubbed "Google Flights" provides a calendar that one can scroll through and see the lowest fare highlighted for each day. One can also use the lowest... Hyperloop Transportation Technologies, a start-up that has adopted Elon Musk's ambitious project of high-speed transportation system, plans to build a Hyperloop test track in California and completed as early as 2016. Hyperloop Test Technologies, a crowd-funded company, plans to take Musk's dream... Colors have set the social media afire after an otherwise innocuous photo of a bodycon dress kept users guessing as to what hues permeate it. Opinions are divided, with some seeing the dress as white and gold, and others as blue and black. The photo was posted on Tumblr by a user called Swiked.
comments powered by Disqus
RELATED NEWS
Trade XOM now with 
Follow RTT