WASHINGTON, D.C. – Rosneft (MICEX:ROSN) and ExxonMobil (NYSE:XOM) have signed the final agreements to establish a joint arctic research center in Russia.
Formally the Arctic Research and Design Center for Continental Shelf Development, the center will provide theRosneft and ExxonMobil joint ventures a full range of research, development and technical services, with near-term focus on the Kara Sea.
Initial activities include work in the areas ofsafety and environmental protection; ice, metocean and geotechnical surveys; sea ice management; development of design criteria; and the evaluation and design of development concepts.
The ARC will build on current best practices of Rosneft and ExxonMobil to develop technologies that are environmentally safe, and more effective and efficient.
ExxonMobil will provide $200 million in funding for the center’s initial research work and Rosneft and ExxonMobil will equally fund the next $250 million to continue the research. The partners’ interests are Rosneft 66.67% and ExxonMobil 33.33%.