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Exxon inks Rosneft Arctic deal

September 02/2011

(Arabian Oil and Gas) -- BPs ambition to become a major player in the Russian arctic has been thwarted after ExxonMobil announced it had sealed an agreement with Rosneft for the exploration of giant offshore deepwater fields.


The Exxon-Rosneft deal, valued at USD 3.2 billion, will see the US supermajor assist Rosneft with the exploration of offshore fields in Russias Kara and Black Seas in return for options for the Russian firm to acquire interests in oil projects in Texas and the Gulf of Mexico.


The three Arctic blocks up for exploration contain reserves of 36 billion barrels, according to the Financial Times. While BP offered a 5% stake in their company as a whole instead of options on defined production blocks, the Exxon deal bears a strong resemblance to that initially agreed with the British supermajor, down to the foundation of an Arctic research centre staffed by both companies.


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