Rosneft and ExxonMobil sign new exploration deals

By Vladimir Afanasiev Moscow

 20 April 2012 05:41 GMT

Russian state-controlled oil company Rosneft has made another step forward in increasing its exposure to the country's offshore exploration projects and foreign diversification by signing new agreements with US supermajor ExxonMobil.

Meanwhile, Rosneft has offered privately owned Russian oil companies Lukoil, TNK-BP, Surgutneftegaz and Bashneft an opportunity to take minority stakes in the country's new offshore developments.

The agreements signed in Moscow this week by chief executives and other top officials from Rosneft and ExxonMobil complete the formation of joint ventures to manage exploration programmes in the Kara Sea in the north of the country and in the Black Sea.

The companies have also agreed terms for investments into these offshore projects, with the preliminary cost pegged at more than $3.2 billion.

According to Rosneft's…

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