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NK Rosneft' OAO and Exxon Mobil Corp complete JV formation to develop tight oil reserves in Western Siberia


Monday, 16 Dec 2013 07:00pm EST 

NK Rosneft' OAO:Says Rosneft and Exxon Mobil Corp (ExxonMobil) sign documents establishing a joint venture to implement a pilot project for tight oil reserves development in Western Siberia as part of the implementation of the agreement on strategic cooperation.Says Rosneft will hold 51 percent interest and ExxonMobil will hold 49 percent interest in this project.Says the JV will implement a pilot work program in order to assess and determine the technical possibility of developing the hydrocarbon reserves, reservoirs and accumulations of the Achimov and Bazhenov formations in Western Siberia.Says joint exploration work for the Achimov formation will be performed on 17 license blocks, while joint exploration work for the Bazhenov formations will be performed on 20 license blocks in the region of RN-Yuganskneftegaz work.Says the plan is to perform the pilot work program within 2013-2015 timeframe.Says for this purpose, ExxonMobil will provide carry-financing worth of up to $300 million.Says based on the pilot work program results the partners will take a decision on initiating the large-scale development of tight oil reserves. 

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