An existing co-operation agreement between US major ExxonMobil and Russia’s state-run Rosneft has been expanded to include a major new slice of Arctic acreage in the Russian sector.

The companies have rubber-stamped a deal that will see seven Arctic licence areas covering approximately 600,000 sq km in the Chukchi, Laptev and Kara Seas added to the agreement. It also seals an agreement between the two majors to jointly study the potential for an LNG project in the Russian Far East.

The extra acreage includes plans to carry out exploration activity in seven blocks in the Chukchi, Laptev and Kara Seas. The blocks include Severo-Vrangelevsky-1, Severo-Vrangelevsky-2 and Yuzhno-Chukotsky in the Chukchi Sea, Ust’ Oleneksky, Ust’ Lensky and Anisinsko Novosibirsky in Laptev Sea and Severo Karsky in the Kara Sea, which are all lightly explored so far.

A separate Heads of Agreement was also signed that gives Rosneft (or an affiliate) the opportunity to acquire a 25% 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% 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 Russian government recently awarded Rosneft a total of 12 Arctic offshore licences – five in the Barents Sea, as well as the seven mentioned above.

The Barents licences are Severo-Pomorsky-1, Yuzhno-Prinovozemelsky, Zapadno-Prinovozemelsky, Zapadno-Matveevsky and Russky.