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Rosneft, ExxonMobil sign documents under strategic cooperation agt

The companies have agreed to create two joint operator companies for the development of oil and gas fields in the Kara Sea and Black Sea

NOVO-OGAREVO, April 16 (Itar-Tass) —— Russia’s state-owned oil company Rosneft and ExxonMobil have signed a set of documents under the agreement on strategic cooperation.

The documents were signed by Rosneft President Eduard Khudainatov and ExxonMobil CEO Rex Tillerson in the presence of Prime Minister Vladimir Putin on Monday, April 16.

The companies have agreed to create two joint operator companies for the development of oil and gas fields in the Kara Sea and Black Sea.

The shareholders’ agreement and the operating agreement for the joint venture on the Black Sea, the shareholders’ agreement and the operating agreement for the joint venture on the Kara Sea and the agreement on joint development of technologies for production of hard-to-recover oil in Western Siberia were signed by Khudoinatov and ExxonMobil Exploration President Stephen Greenlee.

Rosneft, the United Shipbuilding Corporation (USC) and ExxonMobil signed a memorandum of understanding. It was signed by Khudoinatov, USC President Roman Trotsenko and ExxonMobil Development CEO Neil Duffin.

A sixth agreement signed on Monday, April 16, was a memorandum of understanding between Russian Technologies and ExxonMobil. It was signed by Khudoinatov, Russian Technologies Head Sergei Chemezov and Neil Duffin.

Rosneft and ExxonMobil signed the strategic cooperation agreement on August 30, 2011 in Sochi in the presence of Putin. Under the agreement, the companies plan to undertake joint exploration and development of hydrocarbon resources in Russia, the United States and other countries throughout the world, and to commence technology and expertise sharing activities.

The agreement includes approximately 3.2 billion U.S. dollars to be spent in funding for exploration and development of East Prinovozemelskiy Blocks 1, 2 and 3 in the Kara Sea and the Tuapse Trough License Block in the Black Sea, some of the most promising and least explored offshore areas globally.

In the course of these projects the companies will focus on the environment and creation of the most modern safety systems with consideration to the risks of offshore operations, and global best practices.

Additionally, the Agreement provides Rosneft with an opportunity to gain equity interest in a number of exploration and operating ExxonMobil assets in North America, including offshore fields in the Gulf of Mexico, tight oil fields in Texas (U.S.), Canada and projects in other countries. The companies have also agreed to conduct a joint study of developing tight oil resources in Western Siberia.

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