Apparently, I am one of few who find this at least somewhat of interest. Drill, Baby, Drill does not include the United Sates. This comes on the heels of my hearing on Fox Business, that the reason the Stock Market is taking off is because of the S & P 500, over half of the investments are overseas. So the world move on, and we are apparently to remain in the back seat. Yes indeed, a Sputnik moment. One big happy family.Yes, the World Economic Summit in Davos where we are getting our clock cleaned World Economic Summit – Faces of Davos. P.S. Geitner just joined the merry group.Here tis:
Exxon Mobil Corp. and OAO Rosneft, Russia’s largest oil producer, signed a $1 billion accord to explore for oil and gas in the deepwater Black Sea.
The partnership with Exxon may include oil refining at a later stage, Rosneft Chairman and Russian Deputy Prime Minister Igor Sechinsaid today at the World Economic Forum in Davos, Switzerland.
Rosneft will hold 66 percent of an exploration joint venture and Exxon the rest. Exxon Chief Executive Officer Rex Tillerson said drilling will cost as much as $1 billion and the U.S. company will make the initial investment in the project. The first well may be drilled in 2012.
Exxon and Rosneft currently work together at the Sakhalin-1 project off the coast of Russia’s Sakhalin Island. The Black Sea block, called the Tuapse Trough, covers 4,300 square miles at depths between 1 kilometer and 2 kilometers and has 70 prospective structures, according to the Rosneft website.
Sechin said it informed BP Plc of the upcoming agreement with Exxon after Rosneft and BP agreed to swap shares and explore the arctic Kara Sea earlier this month.
Rosneft also has an accord to explore a neighboring deepwater Black Sea block, Val Shatskogo, with Chevron Corp.