Rosneft has ‘cherry picked’ its chosen 20 exploration blocks in the deepwater Gulf of Mexico as part of its wide-ranging strategic deal with ExxonMobil.
The deal, signed in 2011, saw the two majors implement a Strategic Co-operation Agreement under which they and their subsidiaries are undertaking joint exploration and development of resources in Russia and other countries, as well as sharing technology and expertise.
Under subsequent agreements between Rosneft’s indirect independent subsidiary Neftegaz America Shelf LP and ExxonMobil, the Russian gained the option to acquire an interest in 20 blocks of its choosing from the US major’s GoM exploration portfolio.
Neftegaz has taken a 30% interest in the 20 blocks, which cover a total area of approximately 111,600 acres (450 sq km) in water depths ranging between 640-2,070 m (2,100-6,800 ft). Seventeen lie in the Western GoM and three in the Central area.
ExxonMobil is retaining a 70% interest as operator, with the companies currently carrying out analysis of seismic data. There is no production from the blocks.
Igor I. Sechin, President of Rosneft, said the agreement would provide his company and its affiliates “with access to one of the world’s most prolific basins. We believe joint efforts of our companies will ensure the most efficient development of these blocks, with application of the latest technologies and adhering to high environmental standards. Moreover, experience and knowledge acquired in the process may potentially be used when developing deepwater blocks in Russia, including in the Tuapse Trough in the Black Sea as envisaged under the Strategic Co-operation Agreement”.
Both companies are also continuing with their program of staff exchanges for technical and management employees, to help strengthen the working relationships between the companies and provide career development opportunities for both.
The blocks in the deal are: Western GoM – Alaminos Canyon 569, 612, 613, 655, 656, 657, 698, 699, 700 and 701; East Breaks 429, 471, 472, 473 and 515; Keathley Canyon 529 and 573. Central GoM – Walker Ridge 629, 673 and 717.
No plans for exploration drilling have yet been mapped out by the companies.
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