To Tap Arctic Oil, Russia Partners With Exxon Mobil

By Sarfaraz A.

By Ry Frank:The oil and gas industry has struggled with a variety of issues over the past five years, but many of the companies continue to post strong numbers and offer great investments. Exxon Mobil (XOM) is the largest at $400 billion, but the appeal lies in its solid dividend and its upcoming exploration deal in Russia.

By Daniel Moser: Exxon Mobil (XOM) has entered into an agreement with Rosneft (RNFTF.PK) to jointly explore for oil in the Russian Arctic sea. According to the Financial Times, this deal:

With TNK-BP, Rosneft overtakes Exxon and PetroChina Co. in output. It will pump about 4.1 million barrels a day this year OAO Rosneft’s US$55-billion takeover of TNK-BP creates an empire stretching from Russia’s Far East to Venezuela that pumps almost 5% of the world’s crude.

By Income Hunter:Russia is home to immense quantities of natural resources, and that includes a lot of oil and natural gas. From the troubled Caucasian region to the Arctic region in the north, Russia as a country probably has the largest amount of undiscovered oil and natural gas in the world. Under Soviet rule, oil discovery and drilling was exclusively carried out by nationalized oil companies, which were not really the most efficient entities in the world.

Russia, currently vying for the title of world's top oil producer with Saudi Arabia, claimed that new findings in its offshore Arctic territories have effectively doubled the nation’s energy reserves.