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Premier-eFinance: ExxonMobil close Arctic deal with Russia’s Rosneft.
Finally dashing BP’s hopes of reviving its deal with Rosneft the new Exxon deal will see the two giants invest $3.2 billion developing the Arctic Kara Sea.
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"
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.
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