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18.06.2012

Rosneft, Exxonmobil Agree To Develop Tight Oil Reserves In Western Siberia

Rosneft and ExxonMobil today signed agreements to jointly develop tight oil reserves in Western Siberia and establish a joint Arctic Research Center for Offshore Developments.

“ExxonMobil has technology leadership in tight oil and unconventional resource development and Rosneft brings direct knowledge and experience of Western Siberia’s geology and conventional production.”

The agreements, which support implementation of the companies’ August 2011 long-term strategic cooperation agreement, were signed by Rosneft President Igor Sechin and Stephen M. Greenlee, president of ExxonMobil Exploration Company. Vladimir Putin, President of the Russian Federation, Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation (NYSE:XOM), and other top managers of the companies were present at the signing ceremony.

Rosneft and ExxonMobil agreed to 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 program to determine the technical feasibility of developing the reserves and is an extension of a technical research program, which Rosneft and ExxonMobil signed in April 2012.

Copyright 2012, ExxonMobil. All rights reserved.

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