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Rosneft, Exxon drop plans for Gulf of Mexico oil development

Gulf of Mexico oil

Rosneft and Exxon signed a broad cooperation agreement in 2011 which offered Rosneft equity interests in Exxon North American exploration projects including deepwater Gulf of Mexico oil fields and fields in Texas. Reuters photo by Sergei Karpukhin.

Gulf of Mexico oil blocks show “lack of prospect”: Rosneft

MOSCOW, Dec 2 (Reuters) – Russia’s largest oil producer Rosneft and ExxonMobil have decided not to proceed with joint development of Gulf of Mexico oil blocks due to “lack of prospects”, Interfax news agency quoted Rosneft as saying on Friday.

In 2011, both companies signed a broad cooperation agreement, which included offering Rosneft equity interests in Exxon exploration projects in North America, including deepwater Gulf of Mexico and fields in Texas.

(Reporting by Vladimir Soldatkin; Writing by Christian Lowe)

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