Referenced Stocks

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

By Midnight Trader,  December 07, 2012, 07:00:15 AM EDT

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.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: XOM



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