The Thaw Continues: Eni Breaks Into The Arctic Rosneft Deal

BMI View: Eni's deal with Rosneft is indicative of a change in Russian attitudes towards foreign and private investment in the Russian Arctic. The latest deal has remarkable similarities to a comparable deal between ExxonMobil and Rosneft, and leads us to believe that this is the template that Russia - through state-owned Rosneft - may use to frame future deals with other companies. Like ExxonMobil, Eni will pay a considerable price to break into the Russian Arctic, but the company will swallow the costs because the deal will enhance its already successful position in the Barents Sea.

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