Rosneft teams up with ExxonMobil in Arctic deal

AP News
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Posted: Aug 30, 2011 4:07 PM
Rosneft teams up with ExxonMobil in Arctic deal

Exxon Mobil Corp. is teaming up with Russia's Rosneft to develop offshore oil fields in the Russian Arctic in return for access to Exxon's resources in the Gulf of Mexico.

Here are some details about the deal:

_Potential oil reserves in Kara Sea: 35.8 billion barrels.

_Exxon Mobil's investment: $3.2 billion.

_Total project investment: $500 billion, according to Russian estimates.