Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Shares  >  Nyse  >  Exxon Mobil Corporation    XOM

News SummaryMost relevantAll newsSector news 

Ukraine Picks Exxon Mobil-led Group to Develop Black Sea Field

08/15/2012 | 02:59pm US/Eastern

(Adds company comment, in the fifth paragraph.)

   By James Marson 

MOSCOW--Ukraine has selected a consortium of Exxon Mobil Corp. (>> Exxon Mobil Corporation), Royal Dutch Shell PLC (RDSA, RDSA.LN), Romania's OMV Petrom SA (SNP.RO) and Ukrainian state firm Nadra Ukrainy to develop an oil-and-gas field on its Black Sea shelf, Interfax cited the country's environment and natural-resources minister as saying Wednesday.

The group beat out a bid by Russia's OAO Lukoil Holdings (>> Neftyanaya kompaniya LUKOIL OAO).

The consortium has pledged to invest $400 million in the initial exploration phase of the Skifska field and make a one-off payment of $325 million to Ukraine's budget, Interfax quoted the minister, Eduard Savitskiy, as saying.

Ukraine is seeking to develop its oil-and-gas deposits to decrease its dependence on Russia for energy supplies. The field is expected to produce three billion to four billion cubic meters of natural gas a year.

Exxon, in a statement, said it "is pleased by today's announcement" by the Ukrainian government. "We look forward to receiving the formal resolution of the Ukraine Cabinet of Ministers" on the award of the block.

--Angel Gonzalez in Houston contributed to this article.

Write to James Marson at james.marson@dowjones.com.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : Exxon Mobil Corporation, Neftyanaya kompaniya LUKOIL OAO
React to this article
08/26 OIL SEARCH : Papua New Guinea LNG project boosts Oil Searchs H1 output to 14.3 m..
08/26 TRANSCANADA : Governor plans to call for company buy-out in LNG project
08/26 TRANSCANADA : Alaska governor plans to recommend buy-out of TransCanada in lique..
08/26 EXXON MOBIL : Lawmaker sees opening for appeal of $225M Exxon ruling
08/26 EXXON MOBIL : Superior Court Approves Historic Environmental Settlement Calling ..
08/25DJJudge Approves NJ Settlement With Exxon Mobil
08/25 TRANSCANADA : Governor plans to call for company buy-out in gas project
08/25 EXXON MOBIL : Judge approves Gov. Chris Christie's $225 million settlement with ..
08/25 EXXON MOBIL : State, environmentalists clash over $225M Exxon settlement
08/25 TRANSCANADA : Alaska governor plans to call for TransCanada buyout in gas projec..
Duration : Period :
Exxon Mobil Corporation Technical Analysis Chart | XOM | US30231G1022 | 4-Traders
Income Statement Evolution
More Financials