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Rosneft & Exxon Drop Plans for Gulf of Mexico Development

Source: Reuters 12/2/2016, Location: North America

Russia's largest oil producer Rosneft and ExxonMobil have decided not to proceed with joint development of oil blocks in the Gulf of Mexico due to "lack of prospects", Interfax news agency quoted Rosneft as saying.

In 2011, both companies signed a broad cooperation agreement, which included offering Rosneft equity interests in Exxon exploration projects in North America, including deepwater Gulf of Mexico and fields in Texas.

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