Exxon Mobil (NYSE: XOM), America’s largest oil company, and Rosneft, the Russian state owned oil company, are set to announced an alliance.
Rosneft will have access to some of Exxon’s projects near the Arctic and in the Gulf of Mexico. Exxon will participate in Rosneft exploration and production in Western Siberia
The announcement is another example of how the world’s largest oil firms–particularly China and the US–are searching the world for oil deposits. The US continues to have strong ties to Saudi Arabia and cooperates with Canada on some exploration. The Chinese have aggressively set deals with Venezuela, Brazil, and some underdeveloped nations in Africa.
It may be that years of tension between Russian and China has ended up helping US-based Exxon
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