RIA Novosti reported that Russian and US oil majors Rosneft and ExxonMobil signed an agreement to jointly explore the commercial potential of oil fields in Western Siberia.
The two companies will create JV in which Rosneft will hold 51 percent and ExxonMobil 49% and exploration work slated to start in 2013 will cover more than 6,000 square miles.
The agreement was signed between Mr Igor Sechin CEo of Rosneft and Mr Rex Tillerson CEO of ExxonMobil. ExxonMobil will reportedly provide up to USD 300 million for the exploration which will aim to end by 2015.
The majors also signed a declaration on environmental protection and biological conservation in Russia's Arctic shelf setting out measures for safer drilling by Rosneft and its partners. The agreement is the latest development since the two oil giants announced their broad cooperation last year in energy exploration.
Source -
