ExxonMobil evaluates its maximum possible losses from suspension of joint projects with Rosneft by the end of 2014 at $1 billion, reads the US company’s report.
ExxonMobil specified that the joint projects of the companies on the Black Sea, Arctic shelf and development of hard to extract oil has resources on the West of Siberia have fallen under the US and EU sanctions.
In August 2011 Rosneft and ExxonMobil signed the agreement on strategic cooperation in Russia, US and third countries. The agreement envisages geological exploration and development of three licensed sections of Rosneft in the Kara sea (Eastern Privonozemelski 1,2 and 3) and Tuapse licensed section in the Black Sea. Rosneft’s share in the projects for development of the sections in the Kara Sea and Black Sea will constitute 66.7% and ExxonMobil – 33.3%.
In 2013 Rosneft and ExxonMobil signed the agreement on the US company’s involvement in development of seven more sections on the Russian shelf: North Vrangelsk-1, North Vrangelsk-2 and South Chukotsk in the Chuckchee Sea, Ust-Olenek, Ust-Lensk and Anisinsk-Novosibirsk in the Laptev Sea and North Kara bloc in the Kara Sea.
