ExxonMobil, Rosneft finalise upstream deal

It's a deal: ExxonMobil and Rosneft agree to joint exploration pact

AP/Scanpix

related stories

By Staff & news wires

 16 April 2012 18:02 GMT

Rosneft and ExxonMobil wrapped up a landmark alliance on Monday that will secure vital know-how and upstream access to North America for the Russian state oil firm and bulk up the US supermajor's global reserves base.

The wide-ranging deal will grant Rosneft access to three projects in North America, where ExxonMobil is developing hard-to-recover reserves in West Texas, the Canadian province of Alberta and in the Gulf of Mexico.

The two companies will also seek to transfer know-how from those projects to develop Rosneft's own vast reserves of tight oil trapped in non-porous rocks like shale at three of its biggest fields in Western Siberia, Reuters reported.

"Today really is a historic day... it marks the beginning of a new and broader relationship between our companies," ExxonMobil chief executive…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index