Exxon, Rosneft To Team Up In Russian Arctic Oil Venture

Law360, New York (August 30, 2011, 12:06 PM EDT) -- Exxon Mobil Corp. and Russian oil leader Rosneft announced Tuesday that they would join forces for resource development in the Russian Arctic and the Black Sea, including a $3.2 billion exploration program in the Kara and Black seas.

Under the strategic cooperation agreement, the companies would engage in joint exploration and development of their hydrocarbon resources in the U.S., Russia and elsewhere, as well as expand their technology sharing, they said.

“This large-scale partnership represents a significant strategic step by both companies,” ExxonMobil CEO and Chairman...
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