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Share Price Information for BP (BP.)

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Share Price: 512.40
Bid: 512.30
Ask: 512.40
Change: 3.00 (0.59%)
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Open: 508.50
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UPDATE 1-Rosneft-Exxon JV gets boost from new Arctic oil licences

Wed, 13th Feb 2013 13:20

* Rosneft says to expand cooperation with Exxon

* Rosneft set to fold new licences into JV with Exxon-source

MOSCOW, Feb 13 (Reuters) - Russia's top oil producer Rosneft will move its new licences into its tie-up with NorthAmerican major ExxonMobil to tap into the country's vastArctic resources, a source close to the Russian company said.

Earlier on Wednesday, Rosneft Chief Executive Igor Sechintold reporters the company is set to sign a new agreement withsome of its partners in offshore projects but did not elaboratefurther.

"That would be some of the 12 licences that Rosneft hasrecently acquired," the source said.

Rosneft and ExxonMobil spokespersons declined comments.

The source said the company would fold in some of the 12 newoffshore licences it has been awarded to tap oil and gas in theBarents, Kara, Laptev and Chukchi seas into a joint venture withthe North American major.

Rosneft and Exxon have already agreed to jointly taphydrocarbon deposits in Russia's Arctic waters and in NorthAmerica.

In addition to its tie-up with Exxon, Rosneft has partneredNorway's Statoil and Italy's Eni to developoffshore oil and gas.

TNK-BP FINANCING DEAL

Rosneft also confirmed on Wednesday it had signed a $14.2billion financing deal to back its purchase of half of TNK-BP from a consortium of Soviet billionaires.

Rosneft struck a deal last year to buy Anglo-Russian oilfirm TNK-BP from its joint owners - the AAR consortium and BP - for $55 billion. In December it raised $16.8 billion inbank loans to finance a buyout of the British oil major's stake.

Earlier this week, banking sources told Reuters that Rosneftwas scheduled to sign a $13 billion syndicated loan to back theAAR leg of the deal.

After the TNK-BP acquisition, Rosneft will become theworld's largest listed oil producer with hydrocarbon productionof 4.6 million barrels of oil equivalent a day.

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