Russian oil major Rosneft and U.S. energy giant Exxon Mobil may start oil production in the Kara and Black seas in 2018-2020, Deputy Prime Minister Igor Sechin said on Wednesday.
“Considering that drilling begins in 2015, in two to three years production drilling may be launched and production may start in 2018-2020,” Sechin said at a presentation for investors and analysts.
Both companies announced plans on Monday to establish two joint ventures to explore East Prinovozemelsky Blocks 1, 2 and 3 in the Kara Sea in the Russian Arctic and the Tuapse License Block in the Black Sea. Rosneft will hold 66.7 percent in both joint ventures.
Rosneft and Exxon Mobil signed a $3.2 billion agreement to work jointly at these projects last year.