ExxonMobil and Rosneft to explore for Black Sea oil

ExxonMobil the Russian state oil company Rosneft have entered into an agreement for joint development of oil and gas resources in the Black Sea, which includes an initial focus on oil exploration and production in the Tuapse Trough in the Russian Black Sea basin. The Tuapse Trough is an 11,200-sq-km deepwater offshore area along the Black Sea coast of the Krasnodar region.
The agreement allows Rosneft and ExxonMobil to pursue additional opportunities to expand Black Sea energy sector cooperation in areas such as additional exploration and production, crude oil sales to Rosneft's Tuapse refinery and other Black Sea markets, development of regional transportation infrastructure, and deepwater offshore technology research and development.
Igor Sechin, deputy Prime Minister of the Russian Federation, said "Cooperation with ExxonMobil once again underscores our commitment to the principles of transparency and vision of the Russian energy industry as a part of an integrated global marketplace. ExxonMobil technologies will effectively complement Rosneft's experience and resources. Development of this area will become the springboard for full-scale Black Sea basin development, and this challenge will require coordinated efforts of many nations and companies in the region."
The companies plan to apply their experience and expertise to implement this project through application of new technologies and the highest standards of environmental safety.
Rex Tillerson, chairman and CEO of ExxonMobil, said that he welcomed the opportunity to expand ExxonMobil’s activities with Rosneft. "ExxonMobil will bring its technology, project execution capabilities and innovation to complement Rosneft's strengths and experience in the region. We will build on the successful relationship we have with Rosneft through the Sakhalin 1 project to help meet energy needs in Russia and the wider Black Sea area,” Tillerson said.
Rosneft President Eduard Khudainatov said, "Commencement of implementation of the second major contract with a leading international partner this year demonstrates Rosneft's capabilities and its management's focus on creating a global energy company capable of undertaking the most complex offshore projects."