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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Rosneft, Exxon ink Black Sea exploration deal AFP - Friday, January 28 Send IM Story Print DAVOS, Switzerland (AFP) - – Russian energy giant Rosneft and US group Exxon Mobil struck a $1 billion deal Thursday to hunt for oil under the Black Sea, and promised more joint ventures to come. Rosneft president Eduard Yurevitch Khudaynatov said he hopes to find a billion tonnes of oil and gas -- mainly oil -- in the 11,200-square-kilometre (4,320 square mile) Tuapse Trough, in waters off the Krasnodar region. Using the US giant's latest exploration technology, now shared with its Russian partner, the joint venture will survey the seabed this year and hopes the first offshore platform may be operational by the end of 2012, he said. "It is not just the Black Sea, we will go on together to work on other offshore projects in other areas," he told AFP after the signing ceremony, adding: "But we have a lot of work to do." Exxon Mobil Development Company president Neil Duffin signed the deal with Khudaynatov at the World Economic Forum in Davos in the presence of Deputy Russian Prime Minister Igor Sechin and Exxon chief executive Rex Tillerson. Tillerson said ExxonMobil would invest a billion dollars (730 million euros) in the exploration stage of the venture, and that the companies would decide on future investments when the time came to begin production. Khudaynatov said Rosneft would take 66 percent of eventual production, and Exxon Mobil 33 percent, and vowed that the firms would go on to develop more offshore projects together in other regions. Sechin played up the political element of the deal, which follows another contract to jointly develop an Arctic field with Britain's BP, stressing that it shows that Russia is open to foreign investment in oil and gas. "I welcome here our American friends. Thank you and I wish you success," he declared, adding that around 20 percent of Russia's vast hydrocarbon sector was now in the hands of international investors. "Exxon Mobil technologies will effectively complement Rosneft's experience and resources. Development of this area will beome the springboard for full Black Sea basin development," Sechin said. "This challenge will require the coordinated efforts of many nations and companies in the region," he added. Tillerson confirmed the deal would see the US giant sharing technology with its Russian partner. The two firms work together in oil fields off Sakhalin in Russia's Pacific far east, but this is their first deal in the Black Sea. "Exxon Mobil will bring its technology, project evaluation capabilities and innovation to complement Rosneft's strengths and experience in the region," the American executive said as the deal was announced. The Exxon Mobil contract was the second major victory for Russian oil at this year's Davos conference, after Rosneft marked the first day of the meeting by expanding its Arctic deal with BP. BP struck a deal with Rosneft in mid-January to explore and develop the latter's three licensed blocks on the Russian Arctic continental shelf said to contain five billion tonnes of oil and 3,000 billion cubic metres of gas. They will also set up an Arctic technology centre to focus on safety, the environment and emergency procedures. In Davos, both parties inked a further deal to increase cooperation, including plans for joint projects in third-party markets. Recommend Send IM Story Print News Search Top Stories Baghdad car bomb kills 37 mourners Rosneft, Exxon ink Black Sea exploration deal Rare Sumatran tiger gives birth to three cubs US Fed stands firm on stimulus deal Cruz, Bardem baby boy 'doing great': spokeswoman More Top Stories » ADVERTISEMENT Most Popular Most Viewed Bad eating can give you depression: study T. rex still king, says dino study Cruz, Bardem baby boy 'doing great': spokeswoman Marooned Miami bay piano strikes odd note BBC World Service axes five language services More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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