Exxon Mobil Corp. (NYSE: XOM) and Russia’s state-controlled oil company Rosneft have revealed some details of a recent deal the two signed which could result in a total investment of $500 billion. The agreement includes what are thought to be vast undiscovered resources in the Arctic and Black Seas.
BP plc (NYSE: BP) killed a joint venture with Rosneft late last year, but the Russian company still has deals working with Royal Dutch Shell plc (NYSE: RDS-A). Norway’s Statoil ASA (NYSE: STO) recently announced discovery the company estimates at 300 million recoverable barrels in the Barents Sea, which is adjacent to the Kara Sea where Exxon and Rosneft will be conducting exploration.
Rosneft will also receive 30% of some Exxon projects in the Canadian oil sands, Texas, and the Gulf of Mexico. The two companies will also evaluate developing “tight oil” resources in Western Siberia.