Exxon, Rosneft Unveil $3.2B Russian Arctic Oil Deal

Law360, New York (April 16, 2012, 5:13 PM EDT) -- Exxon Mobil Corp. and Russian oil giant Rosneft on Monday revealed the terms of a resource development agreement in the Russian Arctic and the Black Sea first announced in August that includes a $3.2 billion exploration program in the Kara and Black seas.

With Russian Prime Minister Vladimir Putin looking on, officials from both companies signed joint venture agreements to manage the exploration program, noting that preliminary work is already under way.

The companies also revealed details of Rosneft's acquisition of equity interest in some of...
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