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NK Rosneft' OAO's Neftegaz America Shelf LP Acquires 30% in ExxonMobil Corp's Project in Gulf of Mexico-Interfax

Tuesday, 5 Mar 2013 07:00pm EST 

Interfax reported that Neftegaz America Shelf LP (Neftegaz), an indirect independent subsidiary of NK Rosneft OAO (Rosneft), has acquired 30% interest in 20 deep water exploration blocks in the Gulf of Mexico held by ExxonMobil Corporation, under an agreement signed by the two companies. The 20 blocks have a total area of approximately 111,600 acres (450 square kilometers) in water depths ranging between 2,100 and 6,800 feet (640 and 2,070 meters). Seventeen are located in the Western Gulf of Mexico and three are in the Central Gulf of Mexico. ExxonMobil Corp retains 70% interest in the blocks and remains operator. Analysis of seismic data is under way. There is currently no production on the blocks. The Company and ExxonMobil Corp continue to implement the Strategic Cooperation Agreement signed in 2011, under which the companies and their subsidiaries plan to undertake joint exploration and development of hydrocarbon resources in Russia and other countries and to share technology and expertise. Under subsequent agreements between Neftegaz and ExxonMobil Corp, The Company's subsidiary gained the option to acquire interest in 20 blocks of its choosing from among ExxonMobil’s Gulf of Mexico exploration portfolio. The latest agreement represents the exercise of that option.