The agreement includes an initial focus on oil exploration and production in the Tuapse Trough, an 11,200 sq km deepwater offshore area along the Black Sea coast of the Krasnodar region.
The deal enables the two companies to consider additional opportunities to expand Black Sea energy sector cooperation in areas such as additional exploration and production, crude oil sales to Black Sea markets, development of regional transportation infrastructure, and deepwater offshore technology research and development.
ExxonMobil chairman and CEO Rex Tillerson said ExxonMobil welcomed the opportunity to expand its activities with Rosneft for the benefit of Russian energy development.
"ExxonMobil will bring its technology, project execution capabilities and innovation to compliment Rosneft’s strengths and experience in the region," said Tillerson.
