Global Leader in International Exploration Industry News

posted in:

Rosneft subsidiary acquires interest in ExxonMobil Gulf of Mexico exploration blocks

Thursday, Mar 07, 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 companies.

“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.”

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 blocks.

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.”

Source: Business Wire

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Exploration News

Shell announces Malaysia deep-water gas discovery 17-04-2014
Canadian Natural Resources Limited Announces Discovered Presence of Light Oil/Hydrocarbons Offshore Cote d'Ivoire 17-04-2014
Vankorneft increases scope of geological exploration works to provide increment of recoverable reserves 14-04-2014
Rosneft is successfully developing Exploration drilling program for 2014 11-04-2014
AWE awarded new exploration permit offshore Western Australia 11-04-2014
OMV enters Namibia 03-04-2014
ERHC Energy Inc. announces changes in exploration team 02-04-2014
Deloitte provides licensing round announcements 01-04-2014
Seatronics adds Kongsberg Mesotech’s M3 Multibeam Sonar System to its Asia Pacific rental fleet 31-03-2014
Yemen oil asset – acquisition agreement signed 28-03-2014