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Rosneft may get up to 30 percent in ExxonMobil's projects

September 28/2011

(RIA Novosti) -- Russia's top oil producer Rosneft may get up to 30 percent in ExxonMobil's projects as part of a USD 3.2 billion agreement signed in August, Glenn Waller, head of Exxon Mobil Russia, said on Tuesday. Rosneft had to decide on its share in Exxon Mobil's projects at the beginning of 2012, Waller told journalists. Igor Sechin, Deputy Prime Minister in charge of energy, has said Rosneft would get a share in no less than six of Exxon Mobil's projects in the U.S.

The deal between Rosneft and Exxon is aimed at exploring the East Prinovozemelsky Blocks 1, 2 and 3 in the Kara Sea in the Russian Arctic and the Tuapse License Block in the Black Sea. The deal also presupposed Rosneft's participation in Exxon Mobil's turf in the United States, particularly the Gulf of Mexico and Texas, as well as in third countries.

The pact gives Exxon, which already works with Rosneft on the Sakhalin-1 offshore project in Russia's Far East, access to substantial reserves in Russia, the world's top oil producer, while Rosneft, which was in search of a partner to provide it with shelf technologies it lacks.

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