Exxon Mobil Corp’s initial work exploring Russia’s Black Sea and Arctic regions will cost $3.2 billion.
Exxon Mobil will finance the majority of the costs for exploration, which it is doing jointly with Russia’s Rosneft, according to a recent announcement.
Exxon Mobil is leading the effort to explore 180 million acres across Russia’s Arctic region. That Arctic territory, available to Exxon Mobil through its collaboration with Rosneft, is equivalent to the size of Texas.
The exploration will include at least 14 exploration and appraisal wells “a significant amount of 2D and 3D seismic will be conducted over the next 10 years,” the companies said.
Exploration: Exxon to fund Arctic research in Russia
Exxon Mobil holds a one-third stake in the Black Sea and Arctic efforts, while Rosneft holds two-thirds ownership.
Rosneft and Exxon Mobil also announced last week that they are continuing to study the possibility of a liquefied natural gas plant in eastern Russia. By the end of 2013, the companies will determine a site for the plant and the technologies that would be involved with it. They also plan to develop some initial engineering on the plant, the companies said.