MOSCOW -(Dow Jones)- Russian largest oil producer, state-controlled OAO Rosneft (ROSN.RS), said Monday it will acquire 30% stakes in three North American projects belonging to U.S. major Exxon Mobil's Corp. (XOM), while the latter will get access to Russia's offshore fields. The agreement, signed Monday, is a part of a long-term cooperation agreement to jointly explore for and develop oil and natural gas in Russia and to share technology and expertise. Under the deal, Rosneft got 30% equity in ExxonMobil's share in the La Escalera Ranch project in the Delaware Basin in West Texas, and the right to acquire a 30% interest in 20 blocks held by ExxonMobil in the western part of the U.S. Gulf of Mexico, one of the most oil-and-gas-rich basins in the world. Another Rosneft subsidiary got a 30% share of ExxonMobil's stake in the Harmattan acreage in the Cardium formation of the Western Canada Basin in Alberta, Canada. The two companies will also form joint ventures to manage an exploration program in the Kara Sea and Black Sea, and set the terms for investments to be made by the partners in these offshore projects. The initial cost of preliminary exploration is estimated at over $3.2 billion, Rosneft said. Rosneft and ExxonMobil have also signed an agreement to jointly develop high oil production technologies in Western Siberia. This will enable the companies to later discuss undertaking joint projects to explore and develop prospective areas with unconventional oil potential in Russia. -By Alexander Kolyandr, Dow Jones Newswires; alexander.kolyandr@dowjones.com
