January 2013, Vol. 240 No. 1

Projects

Rosneft, ExxonMobil Agreement On Western Siberia Project

Rosneft and ExxonMobil signed a Pilot Development Agreement establishing a joint project to commercial production of tight oil reserves at the Bazhenov and Achimov formations in western Siberia.

The companies will set up a joint venture to run a pilot program and potential commercial production with equity interests of 51% for Rosneft and 49% for ExxonMobil. Work will be carried out at Rosneft’s 23 license blocks covering a total area more than 10,000 square kilometers.