Freshfields and Skadden advise on $3.2bn Rosneft Arctic deal
Freshfields Bruckhaus Deringer and Skadden Arps Slate Meagher & Flom have lined up to advise on a $3.2bn (£1.96bn) Arctic exploration deal between oil giants ExxonMobil and Rosneft. Freshfields advised Russian state oil company Rosneft on the deal, with Moscow corporate partner Sergei Diyachenko and City corporate partner Frank Miller leading.
August 31, 2011 at 07:57 AM
2 minute read
Freshfields Bruckhaus Deringer and Skadden Arps Slate Meagher & Flom have lined up to advise on a $3.2bn (£1.96bn) Arctic exploration deal between oil giants ExxonMobil and Rosneft.
Freshfields advised Russian state oil company Rosneft on the deal, with Moscow corporate partner Sergei Diyachenko and City corporate partner Frank Miller leading.
Skadden, meanwhile, advised Exxon, fielding a team led by New York banking partner Julia Czarniak, while Akin Gump Strauss Hauer & Feld also acted for Exxon with a team led by Moscow corporate partners Richard Wilkie and Alexey Kondratchik alongside City corporate partner Doug Glass.
The deal, which was signed yesterday (30 August) in front of Russian Prime Minister Vladimir Putin, will see the two companies invest $3.2bn to explore and develop the Russian Arctic for untapped oil and gas reserves.
It will involve the establishment of a joint Arctic Research and Design Centre for Offshore Development in St Petersburg, while Rosneft is also set to gain an interest in a number of Exxon's interests in North America – including offshore fields in the Gulf of Mexico and oil fields in Texas.
The partnership comes after a proposed $16bn (£9.8bn) strategic alliance between BP and Rosneft, which would also have included Arctic exploration, collapsed in May this year after BP failed to reach a deal with co-investors in its existing Russian joint venture, TNK-BP.
Freshfields and Skadden have both been advising in relation to the project since the start of the year. Freshfields initially advised Rosneft in relation to the proposed BP partnership, while Skadden had a role acting for the TNK-BP shareholders.
- Click here for more on the collapse of the BP-Rosneft deal
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