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Rosneft and Exxon Mobil have signed a partnership deal, which will see them work together to develop the Arctic's possible rich untapped reserves.
The agreement will hand Russia's top oil firm access to projects in North America developed by Exxon.
The deal to create two operating companies for developing projects in the Kara and Black Seas, worth around $1bn was signed by Rosneft’s president Eduard Khudainatov and Exxon Mobil’s CEO Rex Tillerson in the presence of Russia’s president-elect Vladmir Putin.
Under a separate deal Rosneft will gain 30% stakes in three Exxon Mobil projects in the US, the Gulf of Mexico and Canada.
The two companies also signed an agreement to study the developmentof difficult to reach oil reserves (Achimovka and Tyumen layers) in Western Siberia which Rosneft estimates at about 1.7 billion tonnes.
It’s estimated that the Arctic may contain 20 percent of the world's oil and gas reserves, though the reserves are notoriously hard to reach and present huge environmental challenges .
Rosneft had tried to partner up with BP last year, but it fell through as the British oil major became entangled in a legal battle with its existing Russian partners TNK-BP.
Rosneft, Exxon Mobil sign $1 bln deal to develop Arctic reserves — RT
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