ExxonMobil, Rosneft reportedly drop GoM development plans

Rosneft and ExxonMobil will not move forward with plans to jointly develop blocks in the Gulf of Mexico.

Dec 5th, 2016

Offshore staff

MOSCOW– News services are reporting that Rosneft and ExxonMobil will not move forward with plans to jointly develop blocks in the Gulf of Mexico.

According to Reuters, Russian news agency Interfax quoted Rosneft as saying that the decision was made due to a “lack of prospects.”

The two producer giants have signed on to cooperate in multiple areas in the last several years, including offshore Russia and the US, in theKara and Black seas, and, in late 2015, on three blocks offshore Mozambique.

In 2011, the two agreed to jointly explore and develop resources in Russia, the US, and elsewhere, which in part gave Rosneft the opportunity to gain equity in a number of Exxon’s exploration opportunities, including thedeepwater GoM.

Then, in 2012, an agreement was signed forlong-term strategic cooperation to jointly explore and develop in the Russian Black and Kara seas, and E&P projects in the US and Canada.

12/05/2016

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