Rosneft, ExxonMobil Enter W. Siberia Development Agreement, Will Establish Arctic Research Center
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Overall Analyst Rating:
NEUTRAL (
Down)Dividend Yield: 2.8%
EPS Growth %: +6.0%
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Rosneft and ExxonMobil (NYSE: XOM signed agreements to jointly develop tight oil reserves in Western Siberia and establish a joint Arctic Research Center for Offshore Developments.
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.
In the near future, Rosneft and ExxonMobil will approve a work program 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 percent for Rosneft and 33.33 percent for ExxonMobil.
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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.
In the near future, Rosneft and ExxonMobil will approve a work program 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 percent for Rosneft and 33.33 percent for ExxonMobil.
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