Rosneft and Exxon in Arctic tie-up

Oil giants Rosneft and ExxonMobil yesterday agreed to expand their cooperation agreement to include an extra 600,000 square kilometres of exploration acreage in the Arctic. The agreement includes seven new offshore licences in the Chukchi, Laptev and Kara seas. Russia’s Rosneft and the US’s Exxon have already agreed to jointly tap hydrocarbon deposits in Russia’s Arctic waters and in North America.