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2012 April 19   08:03

Rosneft, Exxon to decide Kara Sea investment in 2016-2017

Russia’s state-controlled oil giant Rosneft and U.S. oil major ExxonMobil will make a final decision on jointly developing offshore deposits in the Kara Sea in the Russian Arctic in late 2016 or early 2017, RIA Novosti reports.


“The companies plan to make a final investment decision on the full-scale development of Kara Sea deposits at the turn of 2016-2017,” Rosneft said in a video presentation for investors.


Both companies announced plans on Monday to establish two joint ventures to explore East Prinovozemelsky Blocks 1, 2 and 3 in the Kara Sea in the Russian Arctic and the Tuapse License Block in the Black Sea. Rosneft will hold 66.7 percent in both joint ventures.
 

Rosneft and Exxon Mobil signed a $3.2 billion agreement to work jointly at these projects last year.
The deal gives Exxon, which already works with Rosneft on the Sakhalin-1 offshore project in Russia's Far East, access to substantial oil reserves in Russia. Rosneft, which was in search of a partner to provide it with shelf technologies it lacks, will be now able to operate on Exxon Mobil's turf in the United States - in the Gulf of Mexico, in Texas and in Canada.

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