Directors at Rosneft met on April 16 to discuss the implementation of the strategic cooperation deal signed with ExxonMobil Development on August 30, 2011. During the meeting, the two companies signed a deal, under which Rosneft will join some of ExxonMobil’s North American projects in Q1 2012, receiving 30% in each of three ExxonMobil projects in the U.S., the Gulf of Mexico, and Canada. Meanwhile, ExxonMobil will gain interest in a number of Russian projects, with Rosneft’s and the American supermajor’s approximate investment in the Kara Sea and Black Sea estimated at $200 billion-$300 billion and $50 billion, respectively.

Rosneft’s role in North America

Rosneft will receive 30% each in three ExxonMobil projects in the U.S., the Gulf of Mexico, and Canada.

During a meeting with ExxonMobil CEO Rex Tillerson, Russian Prime Minister Vladimir Putin said that the companies “have done much work and prepared several documents, in the framework of which the Russian partner received the option for expansion in the U.S. and Canada, while ExxonMobil has started operations in both Russia’s north and south.” Putin added that the agreements are binding for a decade.

Tillerson said that negotiations have moved to a new horizon. “We’ve become world partners,” he said.

Russia’s Deputy Prime Minister Igor Sechin told journalists that Rosneft plans to join the project with historic costs, or, in other words “at the cost of ExxonMobil’s involvement”. “So far, let’s go without details. We will adjust the parameters of investment. We want it so that the payments are historic. We hope that we are able to reach an agreement,” Sechin said.

According to the agreement, Rosneft will join a project to develop difficult oil reserves in the U.S. Neftegaz Holding America Limited (a Rosneft subsidiary in the state of Delaware, U.S.) has signed a package of agreements for the acquisition of 30% from ExxonMobil’s stake in the La Eskalera section in western Texas.

The companies signed an agreement for the purchase-sale of a stake in the rights to the licensed sections in western Texas at the Bone Spring oil and gas project, as well as an agreement for joining the current operating agreement.

Furthermore, Rosneft is getting access to deeper subsoil layers in the western section of the Gulf of Mexico: Neftegaz Holding America Limited is receiving the rights to acquire a 30% stake in 20 blocks under ExxonMobil’s control.

In addition, Rosneft will become part of a project to develop non-traditional subsoil resources in Canada. RN Cardium Oil Inc (an independent subsidiary of Rosneft) will receive 30% from ExxonMobil’s stake in a Cardium formation at the Harmattan section in the Canadian province of Alberta.

Exxon’s investment in Russia

Meanwhile, Rosneft’s and ExxonMobil’s approximate investment in the Kara Sea and Black Sea is estimated at $200 billion-$300 billion and $50 billion, respectively, Russia’s Deputy Prime Minister Igor Sechin told journalists.

Sechin said that at least 15 sea platforms will be built for fields in the Kara Sea.

Rosneft said in a statement that, in the framework of the implementation of the agreement for strategic partnership at the Tuapsinsky section in the Black Sea, geological exploration commenced in September 2011. Around 70% of the approved program for seismic surveys has been implemented and it should reach completion in the second quarter of 2012, after which the data collected will be analyzed. The drilling of the first exploration well is slated for 2014-2015.