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    Exxon Nabs Huge Russian Oil Deal

    Image #: 15165435    Russian Prime Minister Vladimir Putin (R) speaks with Exxon CEO Rex Tillerson at a signing ceremony in the Black Sea resort of Sochi August 30, 2011. Exxon and Russia's Rosneft signed a deal on Tuesday to develop oil and gas reserves in the Russian Arctic, opening up one of the last unconquered drilling frontiers to the global industry No.1. REUTERS/Alexsey Druginyn/RIA Novosti/Pool (RUSSIA - Tags: POLITICS ENERGY)     REUTERS /RIA Novosti /LANDOV

    Alexsey Druginyn, Reuters / Landov

    Exxon Mobil won a highly prized deal Tuesday to explore for oil in Russia’s portion of the Arctic Ocean, an agreement that will see the country diversify the petroleum industry internationally. Some 60 percent of Russia’s export revenues comes from petroleum, and fields in Siberia are in decline. Exxon’s total investment could reach $500 billion, helping to rejuvenate Russia’s economy. But Exxon also agrees to hand over to Russian state oil company Rosneft unspecified assets, including in Texas and the Gulf of Mexico, but it’s unclear whether it will hand over operational control of any projects.

    Read it at New York Times