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NK Rosneft' OAO Joins Exxon Mobil Corp's Project In Canada-Interfax


Wednesday, 26 Sep 2012 08:51am EDT 

Interfax reported that NK Rosneft' OAO (Rosneft) has joined Exxon Mobil Corp's (Exxon Mobil) project at the Cardium formation at the Harmattan acreage in Canada's Alberta province, a source at the Russian oil company told Interfax. The source said Rosneft has already sent three specialists to work on the project. The source did not say how much Rosneft paid for entry to the project. The source did say Rosneft was exploring the possibility of increasing its presence in Canada with a number of additional prospects. Talks on joining two other projects suggested by ExxonMobil, the Western Gulf of Mexico blocks and the unconventional La Escalera Ranch project in western Texas are on-going. Rosneft and ExxonMobil signed a deal earlier in 2012 that grants the Russian company access to its partner's fields abroad in return for a role in some of its own projects on the Russian shelf. The deal brings Rosneft into a joint project to develop tight oil prospects in the US, giving Rosneft's Delaware-based subsidiary, Neftegaz Holding America, 30% of Exxon Mobil's unconventional La Escalera Ranch project in western Texas. Furthermore, it gives Neftegaz Holding the rights to acquire a 30% stake in 20 of Exxon Mobil's Gulf of Mexico blocks. Rosneft subsidiary RN Cardium Oil will receive 30% of Exxon Mobil's stake in a Cardium formation at the Harmattan acreage in Canada's Alberta province. 

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