ExxonMobil and Russian oil giant Rosneft could invest over $500 billion in a joint venture to explore for and produce oil in the Arctic and the Black Sea, the companies announced on Wednesday.
Exxon has teamed up with Russian oil giant Rosneft to develop oil and natural gas fields in Russia and North America. The companies agreed in August to form the partnership and signed the deal on Monday at Russian Prime Minister Vladimir Putin's suburban residence.
Rosneft had previously teamed up with BP in a similar deal but the agreement fell through after the shareholders of BP's Russian venture blocked it in court.
Under the Exxon-Rosneft deal, the Texas-based company will have access to some of the world's richest sources of crude oil and other hydrocarbons in the Russian Arctic as well as the Black Sea. In turn, Rosneft will take ownership stakes in three Exxon projects in the US and Canada.
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