Exxon and Russia

Exxon Mobil and Rosneft have concluded an agreement (projected to reach perhaps 200-300 billion dollars in direct investement and an additonal half trillion dollars in infrastructure and regional development) to explore the seafloor of the Kara Sea and potentially to develop oil and gas deposits found there. This is one of the first significant results of the Russian policy announced earlier this year to encourage foreign participation in the development of the resources of Russia's arctic shelf. Offshore technology is one of the important aspects of this agreement. Rosneft and Exxon-Mobil will help establish an Arctic Research and Design Center for Offshore Development in St. Petersburg that will be staffed by representatives of both companies. Russia will benefit financially from the cooperative development in the Kara Sea and it may gain even more by integrating offshore technology with its own experience in polar operations.

source: Barents Observer: <http://www.barentsobserver.com/rosneft-picks-exxonmobil-in-arctic-deal.4954155-116320.html>