ExxonMobil Corp. and Russian state oil champion OAO Rosneft are expected Monday to formalize joint-venture plans under which Rosneft will gain access to North American hydrocarbon resources in exchange for access to Russia's Arctic offshore, Reuters reported Friday, citing industry sources.
The heads of the two companies are expected to brief analysts on the project Wednesday in New York City, according to a copy of the invitation notice. For its part, Rosneft is expected to gain access to resources such as shale oil and shale gas.
Exxon said the company would post an announcement later Friday on its website regarding the Wednesday briefing. Rosneft declined comment to Reuters.
Copyright (c) 2012 Dow Jones & Company, Inc.
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