Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Rosneft, ExxonMobil Announce Progress In Strategic Cooperation Agreement

RELATED NEWS
Trade XOM now with 

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.

Register
To receive FREE breaking news email alerts for Exxon Mobil Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Beverages giant Coca-Cola Co. reported Tuesday a profit for the third quarter that decreased 14 percent from last year, despite higher worldwide volumes, reflecting a revenue drop. Adjusted earnings per share matched analysts' expectations, even as quarterly revenues missed their estimates. Following the announcement, the company's shares are trading more than five percent lower in early deals. Apple Inc. said Monday that its fourth quarter profit rose 13% from last year, driven by strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company gave an upbeat revenue forecast for the current quarter, which includes the all important holiday season. Programmable chipmaker Xilinx Inc. (XLNX) said Thursday after the markets closed that its second quarter profit rose 21% from last year, helped by higher revenue and better cost control. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue....
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.