Exxon Mobil Corp. will invest $200 million in a research center in Russia that will support its Arctic exploration there, the company said late Tuesday.
The Irving-based oil giant said it would invest in a joint Arctic Research and Design Center for Continental Shelf Development that it would establish with Rosneft, its partner for exploration of more than 180 million acres in the country’s Arctic region.
Exxon Mobil will fund the initial $200 million in investment in the center. Rosneft and Exxon Mobil will equally fund the next $250 million in the joint research effort to continue their work.
The center will provide “a full range of research, development and technical services, with near-term focus on the Kara Sea,” according to a press release.
The initial research will range from development of geotechnical surveys to sea ice management.
“The Arctic Research Center and our technology sharing agreement provide new opportunities to combine our knowledge and expertise with the talented people at Rosneft to meet the next set of challenges in the Arctic and deepwater,” Sara N. Ortwein, president of ExxonMobil Upstream Research Company, said in a statement.