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.
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