Bloomberg News

Rosneft Expands Cooperation With Exxon in Alaska, Arctic, LNG

February 13, 2013

OAO Rosneft, Russia’s largest oil producer, and Exxon Mobil Corp (XOM:US). said they may expand cooperation in Alaska, Russia’s arctic waters and liquefied natural gas.

Rosneft now has an option to take a 25 percent share in the Point Thomson project, a gas condensate deposit, on Alaska’s North Slope. That’s part of the deal signed today by Igor Sechin, Rosneft’s Chief Executive Officer, and Stephen Greenlee, Exxon’s exploration head, at Russian President Vladimir Putin’s residence outside Moscow.

Rosneft may contribute seven offshore licenses gained today from Russia’s Natural Resources ministry to its arctic venture with Exxon, Greenlee said. Rosneft this month announced it agreed to pay 5.4 billion rubles ($180 million) to the ministry for 12 licenses.

Rosneft has formed partnerships with Exxon, Statoil SA and Eni SpA as it looks to explore Russia’s offshore areas and tight oil fields, while also gaining opportunities abroad. Rosneft and Exxon are exploring the Kara Sea and drilling pilot wells on tight oil deposits in Siberia. Rosneft has entered into Exxon projects in Texas and Canada as Rosneft’s board approved expanding a cooperation agreement today.

The companies, which are partners at the Exxon-led Sakhalin-1 project on Russia’s Pacific coast, will study opportunities to liquefy natural gas in Asia including the possible construction of an LNG plant cooling the fuel for tanker travel, according to a joint statement today.

To contact the reporters on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net; Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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