Rosneft, ExxonMobil form JV for tight oil pilot in Western Siberia
OAO Rosneft and ExxonMobil Corp. have formed a joint venture for a pilot project for development of tight oil reserves in Western Siberia.
Rosneft holds 51%, ExxonMobil 49%. Areas of interest are the Achimov and Bazhenov formations.
Joint exploration work for the Achimov will be performed on 17 license blocks, while work on the Bazhenov will be performed on 20 license blocks in the region of RN-Yuganskneftegaz work.
ExxonMobil will provide carry-financing up to $300 million through 2015. The partners will decide on large-scale development based on pilot program results.
“The joint implementation of the pilot projects will allow the use of ExxonMobil’s experience and technologies in the area of tight oil production and their application to the development of the low-permeability reservoirs in Western Siberia,” said Igor Sechin, Rosneft president and chairman.