Neil Daffin, left, president of ExxonMobil Development, shakes hands with Eduard Khudainatov, right, president of Rosneft, as Russia's then-Prime Minister Vladimir Putin looks on during the signing of a Rosneft-ExxonMobil strategic partnership agreement in Sochi on August 30, 2011. The agreement, worth $500 billion, will give ExxonMobil access to oil and gas exploration in the Russian arctic. (ALEXEY DRUZHININ/AFP/Getty Images)
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Summary
Moscow is investing significant effort in opening its Arctic oil and gas reserves to exploration by major international oil companies in an attempt to expand its oil industry while acquiring much-needed technological training. As foreign companies salivate over the opportunity to expand their access to Russia’s reserves, they are likely to give Moscow significant concessions.
A series of high-profile exploration agreements between state-owned Rosneft, which holds Russia's offshore oil exploration licenses, and Exxon Mobil, the Italian company Eni, and Norway’s Statoil were signed over the past three weeks. These are likely to be only the beginning, as Russian President Vladimir Putin appears determined to modernize and expand Russia’s energy sector.
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