Exxon Mobil Cites Progress In the Russian Arctic and 2 Other Dow Movers to Watch
Exxon Mobil Corporation (NYSE:XOM): Current price $89.42
On Friday, Rosneft Oil Co. and ExxonMobil reported the achievement of a number of milestones under their 2011 strategic cooperation agreement, including joint venture formation for the Kara Sea and Black Sea projects, and setting forth foundations for joint ventures through which to explore seven other licenses in the Russian Arctic, and to oversee the joint West Siberia tight oil project. Beyond that, the parties have agreed to go forward to the next planning phase for an LNG development in the Russian Far East. The Black Sea and Kara Sea joint venture operating companies, Tuapsemorneftegaz SARL and Karmorneftegaz SARL respectively, will begin project implementation activities as operator through an agreement with the license holder Rosneft.