ADDING MULTIMEDIA Rosneft and ExxonMobil Expand Strategic Cooperation

Wed Feb 13, 2013 11:52am EST

* Reuters is not responsible for the content in this press release.

* Companies to add seven Arctic license areas covering approximately 600,000
square kilometers (150 million acres) in the Chukchi, Laptev and Kara seas 
* Rosneft is provided the option to acquire a 25 percent interest in Point
Thomson natural gas and condensate project in Alaska operated by ExxonMobil 
* Companies to jointly study potential for LNG project in Russian Far East

MOSCOW--(Business Wire)--
Rosneft and ExxonMobil have agreed to expand their cooperation under their 2011
Strategic Cooperation Agreement to include an additional approximately 600,000
square kilometers (150 million acres) of exploration acreage in the Russian
Arctic and potential participation by Rosneft (or its affiliate) in the Point
Thomson project in Alaska. They have also agreed to conduct a joint study on a
potential LNG project in the Russian Far East. 

The agreements, which include plans to explore seven new blocks in the Chukchi
Sea, Laptev Sea and Kara Sea, were signed by Igor Sechin, president of Rosneft,
and Stephen Greenlee, president of ExxonMobil Exploration Company, in the
presence of Russian President Vladimir Putin. 

The license blocks include Severo-Vrangelevsky-1, Severo-Vrangelevsky-2 and
Yuzhno-Chukotsky blocks in Chukchi Sea, Ust` Oleneksky, Ust` Lensky and
Anisinsko Novosibirsky blocks in Laptev Sea and Severo Karsky block in Kara Sea,
which are among the most promising and least explored offshore areas globally. 

A separate Heads of Agreement was signed providing Rosneft (or its affiliate) an
opportunity to acquire a 25 percent interest in the Point Thomson Unit, which
covers development of a remote natural gas and condensate field on Alaska`s
North Slope. It is estimated that Point Thomson contains approximately 25
percent of the known gas resource base in Alaska`s North Slope. 

Rosneft and ExxonMobil also executed a Memorandum of Understanding to jointly
study the economic viability of an LNG development in the Russian Far East,
including the possible construction of an LNG facility. The companies will form
a joint working group, which is expected to commence work in the coming weeks to
study the viability of an LNG project using available natural gas resources. 

Commenting on the agreements signed, Igor Sechin said, "The agreements signed
today bring the already unprecedented scale of the Rosneft and ExxonMobil
partnership up to a completely new level. The acreage in the Russian Arctic
subject to geological exploration and subsequent development increased nearly
six-fold. That means the enormous resource potential of Russian Arctic offshore
fields will be explored and developed in the most efficient manner with the
application of cutting-edge technologies and expertise of our strategic partner,
ExxonMobil, and using state-of-the-art environmental protection systems.
Participation in the Point Thomson project will increase Rosneft`s access to the
latest gas and condensate field development technologies used in harsh climatic

Stephen Greenlee said the agreements build on the ongoing successful cooperation
between the companies. "This expansion is an illustration of the strength of the
partnership that exists between ExxonMobil and Rosneft," said Greenlee. "We look
forward to working together on these new projects." 

The companies are committed to using global best practices and state-of-the-art
safety and environmental protection systems for the Arctic operations. The work
will be supported by the recently signed Declaration on the Russian Arctic Shelf
Environmental protection. Also, ExxonMobil and Rosneft will work together
through an Arctic Research Center to provide a full range of research and design
services to support their cooperation on Arctic projects. 

Rosneft and ExxonMobil continue to implement a program of staff exchanges of
technical and management employees to help strengthen relationships between the


Statements of future events and conditions in this release are forward-looking
statements. The Strategic Cooperation Agreement represents a binding outline of
terms, and closing of the transactions contemplated by the agreement is subject
to execution of definitive final agreements, receipt of necessary regulatory
approvals, and other customary conditions. Actual future results, including
potential costs and benefits realized by the parties as a result of the
transactions, could differ materially depending on the outcome of future
negotiations; the actions of governmental authorities and regulators, including
legal and legislative uncertainties; the outcome of exploration programs;
changes in prices and other market and economic factors affecting the oil and
gas industries; future technological developments; other technical and operating
factors; actions of competitors; and other factors discussed under the heading
"Factors Affecting Future Results" on the Investors page of ExxonMobil`s website

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