Rosneft, ExxonMobil explore develop oil natural gas in Russia

Rosneft, ExxonMobil to explore and develop oil and natural gas in Russia

7:24 AM, 17th April 2012
Rosneft, ExxonMobil to explore and develop oil and natural gas in Russia
Eduard Khudainatov, President, Rosneft.

MOSCOW, RUSSIA: Rosneft and ExxonMobil signed a long-term strategic cooperation agreement concluded in August 2011 to jointly explore and develop oil and natural gas in Russia and to share technology and expertise. The initial cost of preliminary exploration is estimated at over $3.2 billion. Drilling of the first exploration well is planned for 2014-2015.

Neftegaz Holding America Ltd, an independent indirect subsidiary of Rosneft, concluded separate agreements on the acquisition of 30 per cent equity in ExxonMobil’s share in the La Escalera Ranch project in the Delaware Basin in West Texas, US. Neftegaz will also be given the right to acquire a 30 percent interest in 20 blocks held by ExxonMobil in the US Gulf of Mexico. In addition, RN Cardium Oil, an independent Rosneft subsidiary, acquired 30 per cent of ExxonMobil’s stake in the Harmattan acreage in the Cardium formation of the Western Canada Basin in Alberta, Canada.

“Today Rosneft and ExxonMobil enter offshore projects of unprecedented scale in the Russian Arctic and Black Sea regions, which are home to the world’s largest hydrocarbon resources base. In doing so we lay the foundation for long-term growth of the Russian oil and gas industry. I am certain that 15 years of Rosneft and ExxonMobil partnership, as well as the use of the latest environmental safe technologies and unique experience will allow Rosneft to become one of the global leaders in the oil and gas industry,” said Eduard Khudainatov, President, Rosneft.

© WOC News

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