BREAKING NEWS: Rosneft and ExxonMobil file joint bids for blocks in Angoche Basin, Zambezi Delta – Mozambique License Round

Rosneft and ExxonMobil

2015-07-30) RN-Exploration (100% Rosneft subsidiary) and ExxonMobil Exploration and Production Mozambique Offshore Limited filed joint bids to participate in the fifth license round organized by the Republic of Mozambique Institute of National Petroleum (Instituto Nacional de Petróleo).

The global partnership of the companies is of a strategic nature. Rosneft and ExxonMobil have a proven track record of highly successful cooperation at the Sakhalin-1 project, and are each committed to continuing to operate in an environmentally responsible manner in Mozambique if selected.

Rosneft and ExxonMobil decided to file joint bids for the participation in the license round for contract areas in the Angoche Basin (A5-A and A5-B) and Zambezi Delta (Z5-C and Z5-D). If successful ExxonMobil will become the operator. The prospectivity assessment for the exploration on these contract areas was confirmed within the cooperation of both Companies’ geological analysis.

The participation in exploration and development projects in Mozambique is a new focus area of Rosneft’s international strategy: the Company promotes its positioning in regions of significant hydrocarbon potential, where production is possible in the mid and long-term. These projects allow Rosneft to obtain access to high-quality assets, while abiding an effective investment policy. The partnerships with global industry leaders, such as ExxonMobil, allows the Company to minimize the risks in the implementation of frontier exploration projects.

Source: Rosneff press release / http://www.rosneff.com

Photo: Reuters / Rosneft Chief Executive Igor Sechin (R) and Exxon Mobil Chief Executive Rex Tillerson (L) take part in a signing ceremony at a Rosneft refinery in the Black Sea town of Tuapse in southern Russia, June 15, 2012.

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