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Stock Market & Financial Investment News

News Breaks
February 13, 2013
10:41 EDTXOMExxon Mobil, Rosneft expand strategic cooperation
Rosneft and ExxonMobil have agreed to expand their cooperation under their 2011 Strategic Cooperation Agreement to include an additional approximately 600,000 square kilometers of exploration acreage in the Russian Arctic and potential participation by Rosneft in the Point Thomson project in Alaska. They have also agreed to conduct a joint study on a potential LNG project in the Russian Far East. The agreements include plans to explore seven new blocks in the Chukchi Sea, Laptev Sea and Kara Sea. A separate Heads of Agreement was signed providing Rosneft an opportunity to acquire a 25% interest in the Point Thomson Unit, which covers development of a remote natural gas and condensate field on Alaska’s North Slope. It is estimated that Point Thomson contains approximately 25% of the known gas resource base in Alaska’s North Slope. Rosneft and ExxonMobil also executed a Memorandum of Understanding to jointly study the economic viability of an LNG development in the Russian Far East, including the possible construction of an LNG facility. The companies will form a joint working group, which is expected to commence work in the coming weeks to study the viability of an LNG project using available natural gas resources.
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