ExxonMobil has formed an Arctic exploration partnership with Rosneft , the Russian state oil company, in a strategic coup over rival BP.
In return Exxon, the world’s largest company by market capitalisation, will give the state-controlled Russian group access to oil reserves in the US Gulf of Mexico, onshore fields in Texas and elsewhere.
The $3.2bn agreement follows this year’s collapse of an Arctic exploration deal between Rosneft and BP. The two companies’ aborted tie-up was blocked by the oligarch partners in BP’s existing Russian joint venture, TNK-BP. It underscores international oil companies’ determination to explore and develop the Russian Arctic, one of the few places in the world with large, untapped oil and gas reserves.
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