Rosneft and ExxonMobil are extending their partnership on an unprecedented scale.
The companies have agreed to expand their cooperation under their 2011 Strategic Cooperation Agreement to include an exploration area of 150 million acres in the Russian Arctic.
Rosneft Arctic exploration Image: Rosneft.ru
Rosneft may also participate in the Point Thomson project in Alaska, estimated to hold around 25% of the known gas resources in Alaska’s North Slope.
The project covers exploration of seven new blocks in three different Alaskan Seas - Chukchi, Laptev and Kara.
A separate Heads of Agreement was signed to provide Rosneft (or its affiliates) with an opportunity to acquire a 25% stake in the Point Thomson Unit.
The two energy majors have also agreed to conduct a joint study on the economic viability of a liquified natural gas (LNG) project in the Russian Far East which could include construction of an LNG facility.
The work will be supported by the recently signed Declaration on the Russian Arctic Shelf Environmental Protection, with the two companies stating their commitment to using global best practices and state-of-the-art safety and environmental protection systems for all of their Arctic activities.