ExxonMobil deal opens the door for further joint ventures in Arctic exploration  (photo: dpa)

Exxonmobil's Arctic deal initiates Moscow about-turn

Russia’s oil giant Rosneft and global energy company ExxonMobil’s historic deal to explore the Arctic’s hydrocarbon riches has paved the way for further tie-ups demonstrating a remarkable about-turn in Moscow. These deals signal Russia’s growing global ambitions and its driving need to tap into one of the world’s most promising but least explored offshore areas as its western Siberia wells run dry.

ENERGY giant ExxonMobil and Russia’s leading oil company Rosneft signed an historic deal to secure one of the first major developments in the pristine, but oil-rich Russian Arctic region in a move which signals the race for the Arctic is on.

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Professor Stefan Hedlund
At stake is access to the [Arctic's] astounding hydrocarbon riches
read more about it in the report
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