Tags: Analysis: ExxonMobil-Russia Deal Loss for BP

Analysis: ExxonMobil-Russia Deal Loss for BP

Wednesday, 14 Sep 2011 08:51 AM


According to a new analysis by LIGNET.com , ExxonMobil scored a big win last week by securing a $16 billion Arctic exploration deal with Russian firm Rosneft. The agreement comes after British Petroleum tried but failed to conclude a similar deal earlier this year following objections from shareholders that it might conflict with arrangements with TNK–BP, a separate Russian-BP joint venture. The deal is a big loss for BP whose offices also were raided after the deal. Rosneft scored a big win by gaining stakes in several of Exxon’s Gulf of Mexico and Texas projects.

According to LIGNET.com , although the deal is a defeat for BP, it is a major win for ExxonMobil and U.S.-Russia relations.

“The deal is a great boon to ExxonMobil and, according to some, a great boon for U.S-Russian relations. None other than Vladimir Putin hailed the deal as emblematic of a “truly strategic partnership.” He suggested that, depending on what resources found, there was the possibility of long-term investments in future projects totaling $500 billion.”

Click HERE to read the full analysis of this story from LIGNET.com , a new Washington, DC-based intelligence analysis and forecasting service.



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Analysis: ExxonMobil-Russia Deal Loss for BP
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2011-51-14
Wednesday, 14 Sep 2011 08:51 AM
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