Exxon Deal Gets Russia U.S. Fracking Expertise - KAUZ-TV: Newschannel 6 Now | Wichita Falls, TX

Exxon Deal Gets Russia U.S. Fracking Expertise

NEW YORK (AP) - An unprecedented deal that gives Russia's state-controlled oil company part-ownership of U.S. oil fields is unlikely to be scuttled by political or national security concerns.
The reason is simple: Russia doesn't need the oil.

In the deal announced Tuesday, Irving, Texas-based Exxon Mobil would spend $3.2 billion to help the Russian company Rosneft explore offshore oil fields in the Russian Arctic and elsewhere. In return, Rosneft would have the option to acquire parts of oil projects in Texas and the Gulf of Mexico, where Rosneft can learn drilling techniques that Exxon has perfected to tap hard-to-reach oil.

It would be the first time Russia would own parts of U.S. Oil fields, including fields developed using hydraulic fracturing or fracking.
Experts say regulators and lawmakers will likely scrutinize the deal, but not block it.

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