By JAMES MARSON
NOVO-OGARYOVO, Russia -- US oil and gas conglomerate
ExxonMobil and Russia's OAO Rosneft signed a deal Wednesday to
broaden their existing joint venture by adding seven more
licenses to develop hydrocarbon resources on Russia's Arctic
shelf, ExxonMobil's deputy CEO Stephen Greenlee told
Most notably, the companies plan to conduct a feasibility
study on constructing a liquefied natural gas (LNG) plant
on the island of Sakhalin off Russia's Pacific coast.
Rosneft is lobbying to be allowed to export LNG, which
currently only OAO Gazprom is permitted to do by law.
Exxon and Rosneft formed an alliance in 2011 to develop
potentially huge but largely untapped reserves on Russia's
Arctic shelf and shale oil in Western Siberia.
As well as Exxon, Rosneft has partnership deals with Italy's
and Norway's Statoil to develop offshore resources.
Rosneft is currently buying competitor TNK-BP in deals worth
$55 billion that will create the largest listed oil producer in
the world and will hand BP a 19.8% stake in the oil
Dow Jones Newswires