ExxonMobil Corp. (XOM) said Tuesday that it and Rosneft have signed final agreements establishing a joint Arctic Research Center in Russia and an over-arching technology sharing agreement to support the companies' joint ventures worldwide.
Formally named the Arctic Research and Design Center for Continental Shelf Development, the Arctic Research Center will provide the Rosneft and ExxonMobil joint ventures a full range of research, development and technical services, with near-term focus on the Kara Sea.
Initial activities include work in the areas of safety and environmental protection; ice, metocean and geotechnical surveys; sea ice management; development of design criteria; and the evaluation and design of development concepts.
The agreements support implementation of the companies' August 2011 long-term strategic cooperation agreement.
ExxonMobil will provide $200 million in funding for the center's initial research work and Rosneft and ExxonMobil will equally fund the next $250 million to continue their joint research work. The partners' interests are Rosneft 66.67% and ExxonMobil 33.33%.
Arctic Research Center staff will be located with the Rosneft and ExxonMobil joint venture teams in Moscow to promote resource efficiency and interaction between technical and management staffs. The Arctic Research Center initially will be staffed with experts from ExxonMobil and Rosneft.
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