Exxon-Rosneft deal opens way for Russian move into Alaska drilling

A deal between ExxonMobil and Russia's state-controlled Rosneft oil company to expand their cooperation in the Russian Arctic also opens the way for possible Russian participation in Exxon's Point Thomson project in Alaska, reports Oil & Gas Journal.

 ExxonMobil Corp. and Rosneft of Russia have agreed to expand a 2011 strategic cooperation agreement to include far more Russian Arctic exploratory acreage, possible Rosneft participation in ExxonMobil’s Point Thomson gas-condensate field in Alaska, and a potential Russian Arctic LNG project. ...

A separate heads of agreement provides Rosneft or an affiliate an opportunity to acquire a 25% interest in the Point Thomson Unit, which covers development of a remote and giant gas-condensate field. It is estimated that Point Thomson contains 25% of the Alaska North Slope known gas resource base.

Rosneft already has agreements with Exxon granting it entry into Exxon projects in Texas and Canada, Bloomberg reports.

Read more: ExxonMobil, Rosneft expand Arctic net to Alaska, LNG