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Russia Bets Big On Arctic Oil

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Exxon Mobil and Rosneft Sign Another Arctic Exploration Agreement

Exxon Mobil (NYSE: XOM)and Rosneft have strengthened their partnership even further by completing an agreement that will give Exxon Mobil access to an extra 234,000 square miles in the Russian Arctic for oil and gas exploration; and a separate agreement that grants Rosneft a 25 percent stake in the Point Thomson natural gas play on Alaska’s North Slope.

The agreements were announced on Wednesday, after having been signed by both Igor Sechin, the president of Rosneft, and Stephen Greenlee, the President of Exxon Mobil Exploration Co., in front of Russian President Vladimir Putin in Moscow.

Exxon now has the exploration rights to seven new blocks in the Chukchi Sea, Laptev Sea, and Kara Sea.

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Sechin explained that, “the agreements signed today bring the already unprecedented scale of the Rosneft and ExxonMobil partnership up to a completely new level. The acreage in the Russian Arctic subject to geological exploration and subsequent development increased nearly sixfold.”

Rosneft’s involvement in Point Thomson will give them access to the latest technologies in the field of natural gas and condensate development that can be used in harsh conditions.

Part of the new agreements between Rosneft and Exxon Mobil include the possible construction of an LNG facility in the Russian Far East, however a viability study must first be conducted to determine the value of such a venture.

By. Joao Peixe of Oilprice.com



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