ExxonMobil And Rosneft To Develop Arctic Oil In $500 Billion Deal


On Monday, at the suburban residence of Russian Prime Minister Vladimir Putin, the chiefexecutives of the US and Russian oil giants, ExxonMobil and Rosneft, signed a deal to collaborate in the development of oil and natural gas fields in Russia and North America. The agreement was officially announced on Wednesday and holds the potential for $500 billion to be invested in the exploration and production of oil in the Arctic and the Black Sea. The joint venture will grant Exxon access to some of the world’s richest sources of crude oil and…

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