page_title: Rosneft
section_title: Arctic shelf deals with BP and ExxonMobil
hierarchical_section_title: Rosneft / History / 2010s / Arctic shelf deals with BP and ExxonMobil
caption_attribution_description: Location of the EPNZ-1, EPNZ-2 and EPNZ-3 oil and gas areas in the South Kara Sea. Based on http://www.rosneft.com/attach/0/62/28/pic_14012011_01.jpg
context_page_description: PJSC Rosneft Oil Company is a Russian integrated energy company headquartered in Moscow. Rosneft specializes in the exploration, extraction, production, refinement, transport, and sale of petroleum, natural gas, and petroleum products. The company is controlled by the Russian government through the Rosneftegaz holding company. Its name is a portmanteau of the Russian words Rossiyskaya neft'.
  Rosneft was founded in 1993 as a state enterprise and later incorporated in 1995, acquiring a number of state-controlled gas and oil assets. Rosneft became Russia's leading oil company after purchasing assets of former oil company Yukos at state-run auctions. After acquiring OJSC TNK-BP in 2013, then one of the largest oil companies of Russia, Rosneft became the world's largest publicly traded petroleum company.
  Rosneft is the third largest company of Russia and the second-largest state-controlled company after Gazprom in Russia in terms of revenue. Internationally, it is one of the largest oil companies, ranking 24 in terms of revenue. The company operates in more than twenty countries around the world.
context_section_description: On 15 January 2011, Rosneft and British Petroleum (BP) announced a deal to develop the East-Prinovozemelsky field on the Russian arctic shelf between the Yamal Peninsula and Novaya Zemlya island. As part of the deal Rosneft was to receive 5% of BP's shares, worth approximately $7.8 billion, as of January 2011 and BP would get approximately 9.5% of Rosneft's shares in exchange. According to the deal, the two companies would create an Arctic technology centre in Russia to develop technologies and engineering practices for safe arctic hydrocarbons extraction. AAR, which represents four billionaires of Russian origin and is BP's Russian partner in the TNK-BP joint venture, blocked the BP–Rosneft deal in international courts, arguing it breached earlier contracts between BP and AAR. The TNK-BP partners had previously signed a shareholding agreement which stipulated that their Russian joint venture would be the primary corporate vehicle for BP's oil and gas operations in Russia. On 30 August 2011, Rosneft announced that instead of BP the partner for EPNZ-1, EPNZ-2 and EPNZ-3 in the Kara Sea will be ExxonMobil. In exchange, subject to approval by U.S. regulators, in addition to a share in oil production in Russian fields, Rosneft was granted participation in U.S. fields in Texas and the Gulf of Mexico.
caption: Location of the EPNZ-1, EPNZ-2 and EPNZ-3 oil and gas areas in the Kara Sea
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