ExxonMobil and Rosneft break the ice on Arctic deal

ExxonMobil has snapped up a deal to explore the Arctic with Russian firm Rosneft. The firms signed over a $3.2 billion exploration programme planned for the Kara Sea and the […]

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By Vicky Ellis

ExxonMobil has snapped up a deal to explore the Arctic with Russian firm Rosneft. The firms signed over a $3.2 billion exploration programme planned for the Kara Sea and the Black Sea.

Russian Prime Minister Vladimir Putin was present as Rosneft’s President and ExxonMobil Development’s President signed the deal. Rosneft will hold 66.7% interest in both joint ventures while ExxonMobil will take 33.3%.

The companies will set up a joint Arctic research centre in St. Petersburg, while Rosneft will also take a role in ExxonMobil’s offshore oil projects in the USA and other countries.

The deal will be a disappointment to Exxon’s rivals, particularly BP who had been on the verge of signing a similar exploration deal with the Russian company until a prior agreement with Russian-based TNK-BP prevented the move.