Rosneft and ExxonMobil Corp. have signed final agreements supporting the Arctic research center they made part of a long-term strategic cooperation agreement centered on exploration of the Russian Arctic (OGJ Online, Feb. 13, 2013).
The Arctic Research & Design Center for Continental Shelf Development will focus initially on the Kara Sea.
Early work will cover safety and environmental protection; ice, metocean, and geotechnical surveys; sea ice management; development of design criteria, and evaluation and design of development concepts.
ExxonMobil will provide $200 million for the center’s initial research. It and Rosneft will equally fund the next $250 million. The center’s staff will be in Moscow.
Interests are Rosneft 66.67% and ExxonMobil 33.33%.