Market Overview

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

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Rosneft and ExxonMobil (NYSE: XOM)
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 (NYSE: XOM), 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.

See full press release

Posted-In: News Guidance Asset Sales Management Global

 

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