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ExxonMobil Sells Interests in 20 GoM Tracts to Neftegaz

Source: www.gulfoilandgas.com 3/6/2013, Location: North America

Neftegaz America Shelf LP (Neftegaz), an indirect independent subsidiary of Rosneft, acquires 30 percent interest in 20 deepwater exploration blocks in the Gulf of Mexico held by ExxonMobil, under an agreement signed by the two companies.

The 20 blocks have a total area of approximately 111,600 acres (450 square kilometers) in water depths ranging between 2,100 and 6,800 feet (640 and 2,070 meters). Seventeen are located in the Western Gulf of Mexico and three are in the Central Gulf of Mexico.

ExxonMobil retains 70 percent interest in the blocks and remains operator. Analysis of seismic data is under way. There is currently no production on the blocks.

Rosneft and ExxonMobil continue to implement the Strategic Cooperation Agreement signed in 2011, under which the companies and their subsidiaries plan to undertake joint exploration and development of hydrocarbon resources in Russia and other countries and to share technology and expertise. Under subsequent agreements between Neftegaz and ExxonMobil, Rosneft’s subsidiary gained the option to acquire interest in 20 blocks of its choosing from among ExxonMobil’s Gulf of Mexico exploration portfolio. The latest agreement represents the exercise of that option.

The agreement was signed by Igor I. Sechin, president of Rosneft, and Stephen M. Greenlee, president of ExxonMobil Exploration Company.

“ExxonMobil has a long history of safe oil and gas exploration in the Gulf of Mexico using state-of-the-art safety and environmental protection systems,” said Greenlee. “We look forward to working with Rosneft and its affiliates to explore these blocks using our leading-edge exploration and development technology and deepwater execution expertise.”

Sechin said, “This agreement provides Rosneft 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 Cooperation Agreement.”

ExxonMobil and Rosneft continue to implement a program of staff exchanges for technical and management employees to help strengthen the working relationships between the companies and provide valuable career development opportunities for employees of both companies.

The 20 blocks are:

Western Gulf of Mexico – 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 Gulf of Mexico – Walker Ridge 629, 673 and 717.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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