Exxon Mobil and Rosneft sign tight oil pilot development deal

12/7/2012

ExxonMobil and Rosneft sign tight oil pilot development deal

BY JAMES MARSON

MOSCOW -- Rosneft and ExxonMobil have signed an agreement for a pilot drilling program to assess tight oil reserves in Western Siberia, the companies said in a joint statement.

Exxon will provide financing of $300 million as well as technology and specialists for the pilot program. Drilling will begin in 2013, and the companies will select blocks for development in 2015. Rosneft and Exxon signed a broad cooperation deal last year, and agreed in June to develop the unconventional oil reserves at the Bazhenov and Achimov formations, which are believed to hold vast resources.

Rosneft will own 51% and Exxon 49% in the joint venture that will run the pilot program and potential commercial production.

Dow Jones Newswires

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