Premier-eFinance: ExxonMobil close Arctic deal with Russia’s Rosneft.

Aug. 31, 2011 - PRLog -- ExxonMobil, the world's biggest company, and Russia’s Rosneft have signed a deal to develop oil and gas reserves in the Russian Arctic, opening up one of the last unconquered drilling frontiers.

The deal, signed befroe  Russian prime minister Vladimir Putin, spells the end of  any hopes that BP had of reviving its own deal with Rosneft which was blocked earlier this  by its billionaire partners in an existing Russian  joint venture.

Exxon boss Rex Tillerson and Russia's top energy official, Deputy Prime Minister Igor Sechin were with Putin at the signing ceremony in the Black Sea resort of Sochi, Premier-eFinance sources report.

Calling the deal a "truly strategic partnership" and hailing Exxon's experience in exploiting Arctic reserves in Canada, the Russian Prime Mininster said: "New horizons are opening up. One of the world's leading companies, ExxonMobil, is starting to work on Russia's strategic shelf and deepwater continental shelf."

Under the deal, Exxon and Rosneft will invest $3.2bn in developing East Prinovozemelsky Blocks 1, 2, and 3 in the Arctic Kara Sea and the Tuapse licensing block in the Black Sea.

Exxon told Premier-eFinance that these areas "are among the most promising and least explored offshore areas globally, with high potential for liquids and gas." Rosneft, meanwhile, will be offered an equity interest in a number of Exxon exploration projects in North America, including deep-water Gulf of Mexico and tight oil fields in Texas, as well as in other countries.

# # #

Premier eFinance is a full service commodity trading advisory offering services to traders ranging from the beginner, with no experience in the markets at all, to the advanced trader who is just looking for an avenue to place fast efficient orders.