facebook
twitter
rss
account
search
search
 

Rosneft, Exxon to explore Black Sea

Jan. 28, 2011 at 9:14 AM   |   Comments


View Larger Map
MOSCOW, Jan. 28 (UPI) -- Russian oil company Rosneft said it reached a deal with U.S. supermajor Exxon Mobil to explore for hydrocarbons on the Black Sea shelf.

Rosneft signed a deal with American energy company Chevron last year to explore a separate Black Sea block. Exxon Mobil, the Russian oil company's second-largest partner in the Black Sea, signed on for additional exploration activity, Russia's state-run news agency RIA Novosti reports.

Both companies will target the Tuapse Depression, which could hold as much as much as 7 billion barrels of oil equivalent, Rosneft company directors said.

"The quality of Russian companies' cooperation with one of the largest oil companies is improving," Igor Sechin, a board director at Rosneft and Russia's deputy prime minister, was quoted as saying.

Rosneft landed a deal with British supermajor BP recently to explore for oil and gas in Russia's arctic regions.

Exxon Mobil said in its energy outlook for 2011 that, while natural gas is expected to dominate the energy sector for some time, conventional hydrocarbons would still reign supreme.

"Oil, natural gas and coal will continue to meet most of the world's needs during this period because no other energy sources can match their availability, versatility, affordability and scale," the company said in a statement.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
New submarine set for commissioning New submarine set for commissioning
2
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
3
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
4
Harris selected for geospatial data products Harris selected for geospatial data products
5
SM-6 long-range interceptors on target in U.S. Navy test SM-6 long-range interceptors on target in U.S. Navy test
Trending News
Around the Web
x
Feedback