Rosneft, ExxonMobil Sign Agreement for Arctic Research Center

Rosneft and ExxonMobil established a joint Arctic Research Center (ARC) on Tuesday. The deal signed in Washington includes a technology sharing agreement to support the companies’ joint ventures worldwide.

“ARC will be a platform for development of the most up-to-date and efficient technologies aimed at project implementation in complex and challenging climate and technological conditions,” said Igor Sechin, Rosneft President.

According to the note released by Rosneft, Exxon Mobil will provide $200 million in funding for the center’s initial research work. Rosneft and Exxon Mobil will equally fund the following $250 million to continue their joint research work.

“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,” said Sara Ortwein, president of ExxonMobil Upstream Research Company.