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Rosneft and ExxonMobil to join forces

Oilfield Technology,

Rosneft and ExxonMobil have executed a co-operation agreement under which the companies plan to undertake joint exploration and development of hydrocarbon resources in Russia, the US and other countries throughout the world, and commence technology and expertise sharing activities.

The agreement includes a US$ 3.2 billion exploration programme of East Prinovozemelskiy Blocks 1, 2 and 3 in the Kara Sea and the Tuapse License Block in the Black Sea, which are among the most promising and least explored offshore areas globally, with high potential for liquids and gas.

The agreement also provides Rosneft with an opportunity to gain equity interest in a number of ExxonMobil’s exploration opportunities in North America, including deep-water Gulf of Mexico and tight oil fields in Texas (USA), as well as additional opportunities in other countries.

The companies have also agreed to conduct a joint study of developing tight oil resources in Western Siberia.

The companies will create an Arctic Research and Design Centre for Offshore Developments in St. Petersburg. The centre will develop new technology to support the joint Arctic projects, including drilling, production and ice-class drilling platforms, as well as other Rosneft projects.

Rosneft president Eduard Khudainatov said, “The partnership between Rosneft with its unique resource base, and the largest and one of the most highly capitalized companies in the world reflects our commitment to increasing capitalization of our business through application of best-in-class technology, innovative approach to business management, and enhancement of our staff potential. This venture comes as a result of many years of cooperation with ExxonMobil and brings Rosneft into large scale world-class projects, turning the company into a global energy leader."

TNK-BP’s offices were raided today as well as a result of a lawsuit brought by minority shareholders in the wake of the collapse of the BP deal with Rosneft, which was worth US$ 10 billion but collapsed acrimoniously seven months ago. The BP deal broke down after the four oligarchs who co-own TNK-BP successfully argued in court that they had an exclusivity agreement with the oil major.

The blocks in the Kara Sea in the Arctic as well as the Tuapse licensing block in the Black Sea were also part of the failed BP bid.

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