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NK Rosneft' OAO and Exxon Mobil Corp. Sign Tight Oil Pilot Development Deal-Down Jones


Thursday, 6 Dec 2012 08:28pm EST 

Dow Jones reported that NK Rosneft' OAO (Rosneft) and Exxon Mobil Corp. (Exxon) have signed an agreement for a pilot drilling program to assess tight oil reserves in Western Siberia. Exxon Mobil Corp. will provide financing of USD 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. The parties have 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. 

Company Quote

222.5
-3.45 -1.53%
6:05am EDT