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O&G News

FEB 21

Rosneft and ExxonMobil to Explore Acreage in the Russian Arctic

posted by Rares .:. on February 21, 2013 10:55 as O&G News

By Lada Ponomareva, February 15, 2013

Russian state-owned company Rosneft and American ExxonMobil have agreed to expand their cooperation under their 2011 Strategic Cooperation Agreement to include seven additional Arctic license areas. They are: Severo-Vrangelevsky-1, Severo-Vrangelevsky-2, Yuzhno-Chukotsky blocks (Chukchi Sea); Ust’ Oleneksky, Ust’ Lensky, Anisinsko-Novosibirsky blocks (Laptev Sea); Severo-Karsky (Kara Sea). Areas cover approximately 600,000 square kilometers, and potential reserves are about 10 billion tones of oil and 7,1 trillion cubic meters of gas. 

Thus, ExxonMobil will take part in 11 Russian Arctic blocks in total. In return, Rosneft will have an opportunity to acquire a 25 percent interest in the Point Thomson Unit which covers the project of developing a remote natural gas and condensate field on Alaska’s North Slope (ExxonMobil is operator). Point Thomson contains approximately 25 percent of the known gas resource base in this region, that works out about 400 million tones of oil and 3 trillion cubic meters of gas. The Rosneft’s participation in Point Thomson’s exploration will allow to get a rewarding work experience in similar projects, and also to have a great profit by 2020. 

"The acreage in the Russian Arctic subject to geological exploration and subsequent development increased nearby six-fold. That means the enormous resource potential of Russian Arctic offshore fields will be explored and developed in the most efficient manner with the application of cutting-edge technologies and expertise of our strategic partner, ExxonMobil, using state-of-the-art project will increase Rosneft’s access to the latest gas and condensate field development technologies used in harsh climatic conditions”, – President of Rosneft, Igor Sechin, commented. 

After the signing this agreement with Rosneft ExxonMobil becomes the biggest foreign partner of Russia in Russian shelf development. Industry analytics pass an undivided opinion that ExxonMobil as almost the only one company that is able to work on shelf in such great stature and in such complicated conditions from a technical point of view. Some of experts think that the expanding partnership of two companies will have influence on relationship of Russia and USA. 

Rosneft and ExxonMobil also executed a Memorandum of Understanding to jointly study the economic viability of an LNG development in the Russian Far East, including the possible construction of an LNG facility. "We will be looking forward our joint gas resources at Sakhalin and if it will be economically feasible, we will make a decision”, – said Glen Waller, President of ExxonMobil. – "The first step is to study an economical point of this question and then to decide where to build the LNG plant and which markets it would cover”.

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