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ExxonMobil Expands Russia Deal

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February 14, 2013 | Comments (1)

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ExxonMobil (NYSE: XOM  ) has expanded its strategic cooperation agreement with Russian oil and gas conglomerate Rosneft. The arrangement now includes around 150 million acres covering potential fields in that country's Arctic territory. On the Russian company's side, Rosneft now has the option to buy a 25% interest in ExxonMobil's Point Thompson gas and condensate project in Alaska.

Additionally, the two companies signed a memorandum of understanding to study the feasibility of developing liquid natural gas assets in the far east of Russia. The study will also explore the viability of constructing an LNG facility.

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  • Report this Comment On March 31, 2013, at 1:18 AM, subsurfacemapper wrote:

    This suite of deals is not going to end well for ExxonMobil based on geopolitical history. Check back on this one in 5 or 10 years. Rosneft and Russia are the net gainers on this, in time.

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