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Exxon, Rosneft Forge Global Exploration Alliance

Wall Street Journal - Aug 30, 2011

Exxon Mobil Corp. and OAO Rosneft, the state-controlled Russian oil giant, reached a sweeping strategic alliance Tuesday that will give the U.S. titan access to potentially huge oil fields in the Arctic Sea and Rosneft stakes in Exxon projects in the U.S. The deal comes just months after the collapse of Rosneft's planned Arctic tie-up with BP PLC.

The deal, signed in the presence of Prime Minister Vladimir Putin at his vacation residence on the Black Sea, is a big win for Exxon as it competes with other international oil players for increasingly scarce new fields. The pact also is a success for Kremlin oil czar Igor Sechin, who has sought to woo back big foreign oil companies whose technologies are vital to developing the next generation of Russian oilf ields. The alliance with Exxon, the largest U.S. oil company, will give Rosneft international exposure that it has long sought to bring it closer to the top league of global oil companies.

"This large-scale partnership represents a significant strategic step by both companies," Exxon Chief Executive Rex Tillerson said in a statement.

"It's very nice that Rosneft has such a reliable, good strategic partner," Mr. Putin told the executives at the signing, specifically hailing Exxon's Arctic expertise.

Read Full Article from Wall Street Journal

- Posted: 2011-08-30 12:15:46

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