Rosneft and ExxonMobil Advance Strategic Cooperation (DailyFinance) Rosneft and Exxon Mobil Corporation (NYSE:XOM) today announced the achievement of several milestones under their 2011 Strategic Cooperation Agreement, including joint venture formation for the Kara Sea and Black Sea projects, and establishing foundations for joint ventures to explore seven other licenses in the Russian Arctic and to manage the joint West Siberia tight oil project. The companies have also agreed to move to the next planning phase for an LNG development in the Russian Far East. The Black Sea and Kara Sea joint venture operating companies, Tuapsemorneftegaz SARL and Karmorneftegaz SARL respectively, will commence project implementation activities as operator pursuant to agreement with Rosneft, which is the license holder. Rosneft holds 66.67 percent interest and ExxonMobil holds 33.33 percent interest in the two projects.
Exxon Mobil, BP, ConocoPhillips and TransCanada report progress on Alaska South Central LNG project (Offshore Technology International) Exxon Mobil Corporation (NYSE:XOM), BP plc (ADR) (NYSE:BP), ConocoPhillips (NYSE:COP) and TransCanada Corporation (USA) (NYSE:TRP) have begun summer field work as part of their activities associated with a staged pre-FEED (front end engineering design) for the Alaska South Central LNG (SC LNG) project. This summer field work will employ approximately 150 people. Since the joint work began in March 2012, the companies expect to spend $80 - $100 million by year-end 2013. This builds upon more than $700 million in past work by the collective companies, including the joint Alaska Gas Producer Pipeline Team effort in 2001-02, the Denali Project and APP (including the State's contribution through AGIA).
Nigeria: Tax Evasion - Court Orders Exxonmobil to Pay U.S.$83 Million to FIRS (AllAfrica.com) The activities of international oil firms operating in the oil sector and milking the economy came to the fore as the Tax Appeal Tribunal, Lagos Zone, on Friday ordered Mobil Producing Nigeria Unlimited to pay $83.4 million (N13 billion) education tax to the Federal Inland Revenue Service (FIRS), the News Agency of Nigeria ( NAN) reported. Mobil Producing Nigeria Unlimited, an Exxon Mobil Corporation (NYSE:XOM) subsidiary operates an oil export terminal off Akwa Ibom coastline connected by a pipeline network to its two oil blocks in a Joint Venture with NNPC. The tribunal gave the order while delivering judgement on an appeal filed by the oil company against the FIRS.
ExxonMobil seeks permit to export Canadian LNG from British Columbia (Hydrocarbon Processing) Exxon Mobil Corporation (NYSE:XOM) has asked Canadian officials for a permit to export LNG from the Pacific coast, marking the fifth such proposal for tapping into the country's large natural gas reserves. The proposed project would be capable of liquefying up to 4 billion cubic feet/year of gas for export via tanker from one of several sites under consideration, according to an application with Canada's National Energy Board. If the application is approved and the company decides to move forward with the project, it could begin shipments as early as 2021. Exxon Mobil Corporation (NYSE:XOM) and Imperial Oil Resources -- the company's Canadian affiliate -- previously filed an expression of interest with the provincial government in British Columbia to develop an LNG site there.
Exxon Mobil September 21st Options Begin Trading (Forbes) Investors in Exxon Mobil Corporation (NYSE:XOM) saw new options become available today, for the September 21st expiration. One of the key inputs that goes into the price an option buyer is willing to pay, is the time value, so with 89 days until expiration the newly available contracts represent a possible opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. The put contract at the $85.00 strike price has a current bid of $2.29. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $85.00, but will also collect the premium, putting the cost basis of the shares at $82.71 (before broker commissions).