ExxonMobil, Rosneft expand JV for Russian Arctic offshore exploration

Igor Sechin, President, Rosneft.

MOSCOW, RUSSIA: Rosneft and ExxonMobil have agreed to expand their cooperation under their 2011 Strategic Cooperation Agreement to include an additional approximately 600,000 square kilometre of exploration acreage in the Russian Arctic and potential participation by Rosneft (or its affiliate) in the Point Thomson project in Alaska. They have also agreed to conduct a joint study on a potential LNG project in the Russian Far East.

Rosneft and ExxonMobil also executed a Memorandum of Understanding to jointly study the economic viability of an LNG development in the Russian Far East, including the possible construction of an LNG facility. The companies will form a joint working group, which is expected to commence work in the coming weeks to study the viability of an LNG project using available natural gas resources.

“The enormous resource potential of Russian Arctic offshore fields will be explored and developed in the most efficient manner with the application of cutting-edge technologies and expertise of our strategic partner, ExxonMobil, and using state-of-the-art environmental protection systems. Participation in the Point Thomson project will increase Rosneft’s access to the latest gas and condensate field development technologies used in harsh climatic conditions,” said Igor Sechin, President, Rosneft.

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