Rosneft and ExxonMobil Agree to Develop Tight Oil Reserves in Western Siberia

Rosneft and ExxonMobil XOM today signed agreements to jointly develop tight oil reserves in Western Siberia and establish a joint Arctic Research Center for Offshore Developments. The agreements, which support implementation of the companies' August 2011 long-term strategic cooperation agreement, were signed by Rosneft President Igor Sechin and Stephen M. Greenlee, president of ExxonMobil Exploration Company. Vladimir Putin, President of the Russian Federation, Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation XOM, and other top managers of the companies were present at the signing ceremony.