Exxon Wins Prized Access to Arctic With Russia Deal
By ANDREW E. KRAMER
Published: August 30, 2011
MOSCOW — Exxon Mobil won a highly coveted prize in the global petroleum industry on Tuesday by striking an agreement to explore for oil in a Russian sector of the Arctic Ocean that is opening for drilling even as Alaskan waters remain mostly off limits.
The agreement seemed to supersede a similar but now-defunct partnership that Russia’s state oil company, Rosneft, reached with BP earlier this year. The deal announced Tuesday replaces BP, the British oil giant, with its American counterpart and introduces some differences in the geopolitical bargain.
Where BP had swapped stock, Exxon agrees to hand over to Rosneft unspecified assets elsewhere in the world, including some that the Texas-based company owns in the deepwater zones of the Gulf of Mexico and onshore in Texas.