Rosneft and ExxonMobil Corp. said they achieved several milestones under their 2011 Strategic Cooperation Agreement, including joint venture formation for the Kara Sea and Black Sea projects.
The companies also established foundations for joint ventures to explore seven other licenses in the Russian Arctic and to manage the joint West Siberia tight oil project. The firms also plan to move into the next planning phase for an LNG development in the Russian Far East.
Rosneft and ExxonMobil outlined their progress to support implementation of the companies' August 2011 long-term strategic cooperation agreement (OGJ Online, Aug. 30, 2011).
The Black Sea and Kara Sea joint venture operating com...