Exxon Mobil has partnered with Rosneft to develop oil and gas reserves in the Russian Arctic, The Wall Street Journal reports. As a part of the contract, Exxon will invest $2.2 billion with state-run Rosneft to explore potentially giant oil fields in Kara Sea and spend $1 billion looking for oil in the Black Sea.
Rosneft will hold 66.7 percent and Exxon 33.3 percent of a joint venture to develop the blocks, adds Reuters. Rosneft will also take an equity interest in Exxon exploration projects in North America, including deep-water Gulf of Mexico and fields in Texas and in other countries.
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