Rosneft and ExxonMobil make progress in strategic co-operation
News - May 8, 2012
Rosneft and ExxonMobil have signed agreements to implement a long-term Strategic Cooperation Agreement concluded in August 2011 to jointly explore for and develop oil and natural gas in Russia and to share technology and expertise.
The agreements form joint ventures to manage an exploration program in the Kara Sea and Black Sea. They also set the terms for investments to be made by the partners in Russian offshore projects. The initial cost of preliminary exploration is estimated at over US $3.2 billion.
Neftegaz Holding America Limited, an independent indirect subsidiary of Rosneft registered in Delaware, concluded separate agreements on the acquisition of a 30 per cent equity in ExxonMobil’s share in the La Escalera Ranch project in the Delaware Basin in West Texas in the US.
Neftegaz Holding America Limited will also be given the right to acquire a 30 per cent interest in 20 blocks held by ExxonMobil in the U.S. Gulf of Mexico, one of the most oil and gas rich basins in the world.
The ExxonMobil blocks are located in prospective areas of the Western part of the Gulf.
In addition, RN Cardium Oil Inc, an independent Rosneft subsidiary, acquired 30 percent of ExxonMobil’s stake in the Harmattan acreage in the Cardium formation of the Western Canada Basin in Alberta, Canada.
The Cardium formation is an active unconventional oil play in which ExxonMobil has a significant acreage position. The execution of that project may become a source for the development of technologies for unconventional reservoirs in Russia.
As part of implementation of the Strategic Cooperation Agreement, exploration activity began in the Tuapse license Block in the Black Sea in Russia in September 2011. The seismic program is now 70 per cent complete. Interpretation of data collected will be carried out following programme completion, which is scheduled for the second quarter of 2012. Drilling of the first exploration well is planned for 2014-2015.
In the Kara Sea, plans are under way to undertake seismic and environmental programmes of East Prinovozemelsky blocks later this year in anticipation of a potential exploration well in 2014.
A programme of technical and management staff exchanges has been agreed to by the companies and their affiliates including positions in geology, geoscience, field development, well drilling, finance, logistics, safety, health and the environment.
The knowledge and experience exchange will not only strengthen relationships between the two companies and their affiliates but also provide career development opportunities.
The Arctic Research and Design Center for Offshore Developments will provide a full range of research and design services to support the development of offshore fields.
The main roles of the center include supporting all stages of oil and gas field development on the Arctic shelf and helping ensure projects are environmentally safe, including through the provision of technical support in environmental monitoring.
The centre will also support offshore safety. A special Offshore Accident and Emergency Warning and Prevention Service will be created to help prevent and respond immediately to any emergencies or accidents.
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