Rosneft ties knot with ExxonMobil in exploration deal
Blow for BP as US supermajor seals E&P deal in frontier Kara Sea play
EXXONMOBIL and Rosneft today unveiled an exploration pact which not only sees the US supermajor gain access to highly sought-after acreage in Russia’s frontier Kara Sea play, but gives the Russian state-run firm the chance to enter the Gulf of Mexico (GOM). The deal will see the pair spend $3.2 billion on exploration in blocks 1, 2 and 3 in the Kara Sea – the same Arctic blocks BP sought access to via its ill-fated agreement with Rosneft – and at the Tuapse Block in the Russian sector of the Black Sea. ExxonMobil and Rosneft will also pursue tight oil resources in Western Siberia and in Texas. The pact was signed by Rosneft’s president Eduard Khudainatov and Neil Duffin, the president of Exx
Also in this section
8 December 2025
The Caribbean country’s role in the global oil market is significantly diminished, but disruptions caused by outright conflict would still have implications for US Gulf Coast refineries
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
