Rosneft and ExxonMobil to Develop Black Sea Resources
According to ExxonMobil, this agreement contemplates a joint operating company to conduct exploration and production in the Tuapse Trough, an 11,200-square-kilometers deepwater offshore area along the Black Sea coast of the Krasnodar region.
The agreement enables Rosneft and ExxonMobil to consider additional opportunities to expand Black Sea energy sector cooperation in areas such as additional exploration and production, crude oil sales to Rosneftâ€™s Tuapsinsky refinery and other Black Sea markets, development of regional transportation infrastructure, and deepwater offshore technology research and development.
The companies plan to apply their experience and expertise to implement this project through application of world leading technologies and the highest standards of environmental safety.
Rex Tillerson, chairman and CEO of ExxonMobil, said: â€œExxonMobil welcomed the opportunity to expand its activities with Rosneft for the benefit of Russian energy development. The company will bring its technology, project execution capabilities and innovation to compliment Rosneftâ€™s strengths and experience in the region.
â€œWe will build on the successful relationship we have with Rosneft through the Sakhalin 1 project to help meet energy needs in Russia and the wider Black Sea area.â€
E.Yu. Khudaynatov, president of Rosneft, said: â€œCommencement of implementation of the second major contract with a leading international partner this year demonstrates Rosneft's capabilities and its management's focus on creating a global energy company capable of undertaking the most complex offshore projects.â€
Will the agreement benefit the firms?
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