Rosneft Oil Company and Exxon Mobil agreed to expand cooperation under their 2011 Strategic Cooperation Agreement, Rosneft informed.
The agreements were signed by Igor Sechin, president of Rosneft and Stephen Greenlee, president of ExxonMobil Exploration Company, in the presence of Russia's President Vladimir Putin.
A separate Heads of Agreement was signed providing Rosneft with an option to acquire a 25 percent interest in the Point Thomson Unit which covers the project of developing a natural gas and condensate field on Alaska's North Slope. According to estimates, Point Thomson located about 100 km to the east of the huge Prudhoe Bay oil field contains approximately 25 percent of the known gas resource base in Alaska's North Slope.
Also, the agreements assume exploration of seven new blocks in the Chukchi Sea, Laptev Sea and Kara Sea.
"The agreements signed today bring the already unprecedented scale of Rosneft and ExxonMobil partnership to a completely new level. The acreage in the Russian Arctic subject to geological exploration and subsequent development increased nearly six-fold. That means the enormous resource potential of Russian Arctic offshore fields will be explored and developed in the most efficient manner with the application of cutting-edge technologies and expertise of our strategic partner, ExxonMobil, using state-of-the-art environmental protection systems. Participation in the Point Thomson project will increase Rosneft's access to the latest gas and condensate field development technologies used in harsh climatic conditions," Igor Sechin said commenting on the agreements signed.
OJSC Rosneft (tax number: 7706107510) is the largest oil company and largest tax payer in the Russian Federation. Rosneft's proved SEC compliant reserves as of December 31, 2011 were 17.618 billion barrels of oil equivalent. In 2011, Rosneft ramped up production of hydrocarbons to 2.586 barrels per day.
The company's authorized capital is RUB 105.981 million. This amount is represented by 10,598,177,810 common shares at par value of RUB 0.01. The company's largest shareholder is the state-owned company Rosneftegaz securing 75.16% of its authorized capital.
Net profit (IFRS) of Rosneft Oil Company for 2012 increased by 7.2% to RUB 342 billion from RUB 319 billion. Revenue increased by 13.2% to RUB 3.078 trillion from RUB 2.718 trillion for 2011. EBITDA decreased by 8% to RUB 609 billion from RUB 662 billion. Capex amounted to RUB 466 billion, FCF was RUB 45 billion.
Net profit (RAS) of OJSC Rosneft Oil Company for January-September 2012 increased by 38.2% to RUB 236.196 billion from RUB 170.94 billion for 9 months 2011. Rosneft's revenue increased by 32.5% to RUB 1.306 trillion from RUB 986.376 billion in January-September 2011, pre-tax profit by 30% to RUB 274.305 billion from RUB 211.063 billion.