ExxonMobil, Rosneft develop tight oil reserves in Western Siberia

ExxonMobil, Rosneft develop tight oil reserves in Western Siberia

10:20 AM, 18th June 2012
ExxonMobil, Rosneft develop tight oil reserves in Western Siberia
Igor Sechin, President, Rosneft.

TUAPSE, RUSSIA: Rosneft and ExxonMobil will jointly develop tight oil reserves in Western Siberia and establish a joint Arctic research centre for offshore developments. Rosneft and ExxonMobil will expand and expedite joint efforts to develop oil reserves in tight low-permeability formations in Western Siberia using advanced technologies that ExxonMobil has successfully employed in North America. The agreement establishes a pilot programme to determine the technical feasibility of developing the reserves and is an extension of a technical research programme.

In the near future, Rosneft and ExxonMobil will approve a work programme for selected Rosneft license blocks which will include geological studies and drilling of Bazhenov and Achimov reservoirs. Drilling is scheduled to begin in 2013. ExxonMobil will finance the geological studies and exploratory drilling. Participating interests in a potential development phase will be 66.67 per cent for Rosneft and 33.33 per cent for ExxonMobil. “We are not only looking at new geographical regions of operation but are also studying the potential of difficult to produce reserves in traditional oil producing regions,” said Igor Sechin, President, Rosneft.

© WOC News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Unilever restructures Ewloe activities, shifts 400 jobs to India

BANGALORE, INDIA: The Unilever, a personal care major, is planning to move some jobs to Bangalore as part of a restructuring exercise that would invol ...

Read more
EPA updates air quality standards for harmful fine pollutants

WASHINGTON, US: In response to a court order, the US Environmental Protection Agency (EPA) proposed updates to its national air quality standards for ...

Read more
Evonik invests €350 million in Biolys facility in Brazil and Russia

ESSEN, GERMANY: Evonik plans to construct new facilities for the biotechnology production of its Biolys feed additive (source of L-lysine) in the grow ...

Read more
Zinc in higher oxidation state discovered, creates new chemistry

VIRGINIA, US: Virginia Commonwealth University researchers have tinkered with zinc molecule and discovered its existence in a higher oxidation state, ...

Read more
Novozymes’ partner Shengquan starts cellulosic ethanol production

BAGSVAERD, DENMARK/BEIJING, CHINA: Shengquan Group will start production of cellulosic ethanol next month at its new facility. It will be the first in ...

Read more
Yara changes board members

OSLO, NORWAY: Yara announced changes in board members. Alvin Rosvoll, who holds the position of business unit manager North and East Europe, is appoin ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X