Exxon Mobil, Rosneft Team Up for Arctic Exploration

Rosneft and Exxon Mobil will work together on their first Arctic well, giving further momentum to their long-term partnership. 

“We have a unique partnership. They have the world’s biggest reserves and we have the largest market capitalization,” Glenn Waller, Exxon Mobil’s Russian chief, said in an interview to Bloomberg. 

Last year, the interest of Russian majors on Eni’s stake in gas producer SeverEnergia suggested that several companies have high expectations on Arctic reserves. Experts say that the deposit may hold more oil than Norway’s North Sea. 

“We are very happy about the progress and pace of our strategic cooperation,” Rosneft said in a statement to Bloomberg. “Our companies are long-term partners.”