Rosneft disclose cost of US interest

In its IFRS financial statements for the first nine months of 2012 Rosneft discloses the amount that it paid for a 30 per cent interest in the Harmattan acreage in the Cardium formation of the Western Canada Basin in Alberta, Canada. It acquired the interest from ExxonMobil in April 2012 as part of a number of agreements to implement a long-term Strategic Cooperation Agreement concluded in August 2011. Rosneft opted for a partnership with ExxonMobil after abortive attempts to link up with BP, scuppered by litigation commenced by BP’s partner in TNK-BP.

Rosneft and ExxonMobil agreed at the time to jointly develop oil and natural gas projects in Russia and share technology and expertise, in particular potentially promising offshore projects in the Russian Arctic and Black Sea regions.

It transpires from the financial statements that Rosneft paid RUB 2 billion for the Harmattan interest, considered a fair price, as it will provide the state-controlled oil and gas corporation with access to ExxonMobil’s technology.



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