Exxon, Shell Win Rights To Potential $10B Black Sea Block

Law360, New York (August 15, 2012, 4:48 PM EDT) -- A consortium led by ExxonMobil Corp. and Royal Dutch Shell PLC on Wednesday landed a 50-year production-sharing award to develop a 16,700-square-kilometer stretch of Ukraine's Black Sea shelf in a project that could cost more than $10 billion.

The joint bid from ExxonMobil Exploration BV edged out a competing application from Lukoil Overseas Ukraine BV, Ukraine Minister of Ecology and Natural Resources Eduard Stavytskyi announced Wednesday during a press conference in Kiev.

“Very important is the … participation of two world leaders in finding and producing...
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