ExxonMobil and Rosneft expand partnership

Chevron and Exxon CEOs discussed merger last year: WSJ

ExxonMobil and Rosneft expand partnership

ExxonMobil and &# 171; Rosneft&# 187; expanded partnership

Major US and Russian oil companies sign new deal

Major US and Russian oil companies ExxonMobil and Rosneft have expanded their strategic cooperation agreement. Rosneft CEO Igor Sechin and ExxonMobil President Stephen Greenlee signed the additional package of documents in the presence of Russian President Vladimir Putin.

According to a press release posted on the websites of both companies, the parties additionally agreed to conduct exploration work in the Russian Arctic – we are talking about seven areas with a total area of ​​about 600 thousand square kilometers in the Chukchi Sea, the Laptev Sea and the Kara Sea; Rosneft (or its affiliated structure) received the right to receive a 25% stake in the Point Thomson project (according to preliminary estimates, this section on the northern coast of Alaska may contain more than 2.3 billion cubic meters of natural gas – permission for its development was obtained at the end of last year); the companies will also “carry out a joint assessment of the feasibility of a liquefied natural gas project in the Russian Far East”.

According to the press release, Igor Sechin commented on the deal as follows: “With the signing of today’s agreements, the unprecedented partnership between Rosneft and ExxonMobil is reaching a completely new level.” Stephen Greenlee noted that the agreement is “an illustration of the strength of partnership” between the two companies.

ExxonMobil and Rosneft expand partnership

Recall that these companies entered into a partnership agreement in August 2011 – the ceremony was also held in the presence of Vladimir Putin (then Prime Minister). The agreement provides for geological exploration and development of sites in the Kara and Black Sea, in addition, Rosneft has shown interest in acquiring stakes in a number of ExxonMobil projects in North America.

Prior to entering into an alliance with ExxonMobil, Rosneft negotiated cooperation with BP, Chevron and Royal Dutch Shell.

It is worth recalling that 75% of Rosneft shares are owned by the Russian state.

  • Alex Grigoriev

    Alex Grigoriev specializes in covering international relations, defense and security, intelligence, terrorism, and nuclear issues.