ExxonMobil agrees arctic joint venture with Rosneft
The key element of the strategic alliance is an Arctic exploration agreement, with ExxonMobil farming-in for a 33.3% stake in 126,000 square kilometres of frontier offshore acreage. ExxonMobil will carry the first phase of exploration, estimated at US$2.2 billion. The agreement also re-affirms the companies' Black Sea exploration partnership, initially announced in January 2011, under which ExxonMobil will carry Rosneft through the first US$1 billion of exploration. The Arctic acreage ...