Rosneft, ExxonMobil formalise joint venture

Russian state oil firm Rosneft and ExxonMobil Corporation of the United States have formalised a joint venture for oil and gas exploration in the Artic and Black Sea offshore and to enhance co-operation through technology sharing and joint international projects.

Under the deal finalised today, Rosneft will gain access to unconventional hydrocarbon resources in North America in exchange for access to Russia's Arctic offshore.

The joint venture envisages a $3.2 billion exploration programme planned for Kara Sea and Black Sea and establishment of a joint Arctic Research and Design Center for offshore development (ARC) in St Petersburg.

The center, which will be staffed by Rosneft and ExxonMobil employees, will use proprietary ExxonMobil and Rosneft technology, and will develop new technology to support the joint Arctic projects, including ice-class drilling and production ships and platforms, as well as other Rosneft projects.

Rosneft will participate in ExxonMobil projects in the US and other countries with a focus on building offshore and tight oil expertise.

The two will undertake joint study of possibilities to develop Western Siberia tight oil resources.