Rosneft and ExxonMobil set to develop hydrocarbon resources

Rosneft and ExxonMobil have signed an agreement under which the companies plan to undertake the joint exploration and development of hydrocarbon resources in Russia, the US and other countries throughout the world and to commence technology and expertise sharing activities.

The agreement, signed by Rosneft president Eduard Khudainatov and ExxonMobil development company president Neil Duffin, includes approximately $3.2bn (£2bn) to be spent funding the exploration of East Prinovozemelskiy Blocks 1, 2 and 3 in the Kara Sea and the Tuapse License Block in the Black Sea, which are among the most promising and least explored offshore areas globally, with high potential for liquids and gas.

In the course of these projects, the companies will use global best practices to develop state-of-the-art safety and environmental protection systems.