Rosneft Subsidiary Acquires Interest in ExxonMobil Gulf of Mexico
*Neftegaz America Shelf LP (Neftegaz) joins ExxonMobil to explore deepwater
Gulf of Mexico
*Neftegaz acquires 30 percent interest in 20 Gulf of Mexico blocks held by
*ExxonMobil remains the operator
HOUSTON -- March 6, 2013
Neftegaz America Shelf LP (Neftegaz), an indirect independent subsidiary of
Rosneft, acquires 30 percent interest in 20 deepwater exploration blocks in
the Gulf of Mexico held by ExxonMobil, under an agreement signed by the two
The 20 blocks have a total area of approximately 111,600 acres (450 square
kilometers) in water depths ranging between 2,100 and 6,800 feet (640 and
2,070 meters). Seventeen are located in the Western Gulf of Mexico and three
are in the Central Gulf of Mexico.
ExxonMobil retains 70 percent interest in the blocks and remains operator.
Analysis of seismic data is under way. There is currently no production on the
Rosneft and ExxonMobil continue to implement the Strategic Cooperation
Agreement signed in 2011, under which the companies and their subsidiaries
plan to undertake joint exploration and development of hydrocarbon resources
in Russia and other countries and to share technology and expertise. Under
subsequent agreements between Neftegaz and ExxonMobil, Rosneft’s subsidiary
gained the option to acquire interest in 20 blocks of its choosing from among
ExxonMobil’s Gulf of Mexico exploration portfolio.The latest agreement
represents the exercise of that option.
The agreement was signed by Igor I. Sechin, president of Rosneft, and Stephen
M. Greenlee, president of ExxonMobil Exploration Company.
“ExxonMobil has a long history of safe oil and gas exploration in the Gulf of
Mexico using state-of-the-art safety and environmental protection systems,”
said Greenlee. “We look forward to working with Rosneft and its affiliates to
explore these blocks using our leading-edge exploration and development
technology and deepwater execution expertise.”
Sechin said, “This agreement provides Rosneft and its affiliates with access
to one of the world’s most prolific basins. We believe joint efforts of our
companies will ensure the most efficient development of these blocks, with
application of the latest technologies and adhering to high environmental
standards. Moreover, experience and knowledge acquired in the process may
potentially be used when developing deepwater blocks in Russia, including in
the Tuapse Trough in the Black Sea as envisaged under the Strategic
ExxonMobil and Rosneft continue to implement a program of staff exchanges for
technical and management employees to help strengthen the working
relationships between the companies and provide valuable career development
opportunities for employees of both companies.
The 20 blocks are:
Western Gulf of Mexico – Alaminos Canyon 569, 612, 613, 655, 656, 657, 698,
699, 700 and 701; East Breaks 429, 471, 472, 473 and 515; Keathley Canyon 529
Central Gulf of Mexico – Walker Ridge 629, 673 and 717.
CAUTIONARY NOTE: Statements of future events and conditions in this release
are forward-looking statements. Actual future results, including business
plans and potential benefits realized by the parties, 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.
Additional information about Rosneft is available on its website at
www.rosneft.com. The terms ExxonMobil and Rosneft can refer to either the
parent corporations, or their subsidiaries/affiliates, or both.
ExxonMobil, the largest publicly traded international oil and gas company,
uses technology and innovation to help meet the world’s growing energy needs.
ExxonMobil holds an industry-leading inventory of resources, is the largest
refiner and marketer of petroleum products, and its chemical company is one of
the largest in the world.
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