ExxonMobil Strikes Deal with Rosneft for Western Siberia Tight Oil Pilot Project; ExxonMobil Down Slightly in Pre-Market

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Exxon Mobil Corporation ( XOM ) and Rosneft have 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 companies will set up a joint venture to run a pilot program and potential commercial production with equity interests of 51% for Rosneft and 49% for ExxonMobil. Work will be carried out at Rosneft's 23 license blocks covering a total area more than 10,000 square kilometers.

XOM edged off by a cent to $87.99 in pre-market trade.



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This article appears in: Investing , Commodities

Referenced Stocks: XOM

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