Rosneft, ExxonMobil Sign Pilot Development Agreement for Western Siberia Oil Project

Rosneft and ExxonMobil

signed a Pilot Development Agreement establishing a joint project to assess the possibility of commercial production of tight oil reserves at the Bazhenov and Achimov formations in Western Siberia. The agreement was signed by Igor Sechin, president and chairman of the management board at Rosneft, and Stephen Greenlee, president of ExxonMobil Exploration Company. Rex Tillerson, chairman and chief executive officer of Exxon Mobil Corporation

, was present for the signing, as well as the senior management of both companies. The document is another step towards implementation of the long-term strategic cooperation agreement the companies signed in August 2011.