Rosneft and ExxonMobil Finalize Arctic Research Center and Technology Sharing Agreements
Rosneft
and ExxonMobil
today signed final agreements establishing a joint Arctic Research
Center (ARC) in Russia and an over-arching technology sharing agreement
to support the companies′ joint ventures worldwide.
Formally named the Arctic Research and Design Center for Continental
Shelf Development, the ARC will provide the Rosneft and ExxonMobil joint
ventures a full range of research, development and technical services,
with near-term focus on the Kara Sea.
Initial activities include work in the areas of safety and environmental
protection; ice, metocean and geotechnical surveys; sea ice management;
development of design criteria; and the evaluation and design of
development concepts. The ARC will build on current best practices of
Rosneft and ExxonMobil to develop technologies that are environmentally
safe, and more effective and efficient.
Rosneft President and Chairman of the Management Board Igor Sechin said,
'Projects in the framework of our strategic partnership with ExxonMobil
pose a number of challenges. The ARC will be a platform for development
of the most up-to-date and efficient technologies aimed at project
implementation in complex and challenging climate and technological
conditions. Environmental safety is our priority, and we believe the
technologies developed in the ARC will enable us to implement our joint
projects in the safest and most efficient way to the benefit of all
participants of Arctic exploration.?
'Technology
and expertise have been the cornerstones of ExxonMobil′s success in
the Arctic for the past 90 years,? said Sara N. Ortwein, president of
ExxonMobil Upstream Research Company. 'The Arctic Research Center and
our technology sharing agreement provide new opportunities to combine
our knowledge and expertise with the talented people at Rosneft to meet
the next set of challenges in the Arctic and deepwater.?
The agreements support implementation of the companies′ August 2011
long-term strategic cooperation agreement.
ExxonMobil will provide $200 million in funding for the center′s initial
research work and Rosneft and ExxonMobil will equally fund the next $250
million to continue their joint research work. The partners′ interests
are Rosneft 66.67 percent and ExxonMobil 33.33 percent. ARC staff will
be located with the Rosneft and ExxonMobil joint venture teams in Moscow
to promote resource efficiency and interaction between technical and
management staffs. The ARC initially will be staffed with experts from
ExxonMobil and Rosneft.
The agreements were signed in Washington D.C. by Sechin and Ortwein,
with Rex W. Tillerson, chairman and chief executive officer of Exxon
Mobil Corporation (NYSE:XOM), and other executives from both companies
in attendance.
As part of the joint work between the companies, Rosneft and ExxonMobil
management attended an exhibition at the National Gallery of Art in
Washington. The "Diaghilev
and the Ballets Russes, 1909?1929: When Art Danced with Music′
exhibition was organized in collaboration with the Victoria and Albert
Museum in London with major funding provided by Rosneft and ExxonMobil.
CAUTIONARY NOTE:Statements of future events and conditions in
this release are forward-looking statements. Actual future results,
including project results and the outcome of research activities, could
differ materially depending on the outcome of future negotiations; the
actions of governmental authorities and regulators; the outcome of
exploration programs; changes in prices and other market and economic
factors affecting the oil and gas industries; future technological
developments; other technical and operating factors; actions of
competitors; and other factors discussed under the heading 'Factors
Affecting Future Results? on the Investors page of ExxonMobil′s website
at exxonmobil.com.
Media Relations, 972-444-1107
