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.

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