Exxon, Rosneft To Explore Black Sea Shelf In $1B Deal

Law360, New York (January 27, 2011, 6:22 PM EST) -- Exxon Mobil Corp. and Russian oil giant Rosneft have agreed to a $1 billion deal to jointly develop oil and gas resources in the Black Sea.

The agreement, signed at the World Economic Forum in Davos, Switzerland on Thursday, will form a joint operating company to explore possible oil reserves in the Tuapse Trough, a nearly 11,200-square-kilometers area off the coast of the Krasnodar region of southern Russia.

An ExxonMobil spokesman told Law360 on Thursday that the company would invest $1 billion for the initial exploration...
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