and have agreed to expand their cooperation under their 2011 Strategic
Cooperation Agreement to include an additional approximately 600,000
square kilometers (150 million acres) of exploration acreage in the
Russian Arctic and potential participation by Rosneft (or its affiliate)
in the Point Thomson project in Alaska. They have also agreed to conduct
a joint study on a potential LNG project in the Russian Far East.
The agreements, which include plans to explore seven new blocks in the
Chukchi Sea, Laptev Sea and Kara Sea, were signed by Igor Sechin,
president of Rosneft, and Stephen Greenlee, president of ExxonMobil
Exploration Company, in the presence of Russian President Vladimir Putin.
The license blocks include Severo-Vrangelevsky-1, Severo-Vrangelevsky-2
and Yuzhno-Chukotsky blocks in Chukchi Sea, Ust′ Oleneksky, Ust′ Lensky
and Anisinsko Novosibirsky blocks in Laptev Sea and Severo Karsky block
in Kara Sea, which are among the most promising and least explored
offshore areas globally.
A separate Heads of Agreement was signed providing Rosneft (or its
affiliate) an opportunity to acquire a 25 percent interest in the Point
Thomson Unit, which covers development of a remote natural gas and
condensate field on Alaska′s North Slope. It is estimated that Point
Thomson contains approximately 25 percent of the known gas resource base
in Alaska′s North Slope.
Rosneft and ExxonMobil also executed a Memorandum of Understanding to
jointly study the economic viability of an LNG development in the
Russian Far East, including the possible construction of an LNG
facility. The companies will form a joint working group, which is
expected to commence work in the coming weeks to study the viability of
an LNG project using available natural gas resources.
Commenting on the agreements signed, Igor Sechin said, 'The agreements
signed today bring the already unprecedented scale of the Rosneft and
ExxonMobil partnership up to a completely new level. The acreage in the
Russian Arctic subject to geological exploration and subsequent
development increased nearly six-fold. That means the enormous resource
potential of Russian Arctic offshore fields will be explored and
developed in the most efficient manner with the application of
cutting-edge technologies and expertise of our strategic partner,
ExxonMobil, and using state-of-the-art environmental protection systems.
Participation in the Point Thomson project will increase Rosneft′s
access to the latest gas and condensate field development technologies
used in harsh climatic conditions.?
Stephen Greenlee said the agreements build on the ongoing successful
cooperation between the companies. 'This expansion is an illustration of
the strength of the partnership that exists between ExxonMobil and
Rosneft,? said Greenlee. 'We look forward to working together on these
new projects.?
The companies are committed to using global best practices and
state-of-the-art safety and environmental protection systems for the
Arctic operations. The work will be supported by the recently signed
Declaration on the Russian Arctic Shelf Environmental protection. Also,
ExxonMobil and Rosneft will work together through an Arctic Research
Center to provide a full range of research and design services to
support their cooperation on Arctic projects.
Rosneft and ExxonMobil continue to implement a program of staff
exchanges of technical and management employees to help strengthen
relationships between the companies.
CAUTIONARY NOTE:
Statements of future events and conditions in this release are
forward-looking statements. The Strategic Cooperation Agreement
represents a binding outline of terms, and closing of the transactions
contemplated by the agreement is subject to execution of definitive
final agreements, receipt of necessary regulatory approvals, and other
customary conditions. Actual future results, including potential costs
and benefits realized by the parties as a result of the transactions,
could differ materially depending on the outcome of future negotiations;
the actions of governmental authorities and regulators, including legal
and legislative uncertainties; 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.
