Exxon, Russian Co. Ink Deal To Explore Siberia Oil Stores

Law360, New York (June 15, 2012, 2:56 PM EDT) -- Exxon Mobil Corp. has kicked off a joint effort to develop Western Siberia's tight oil reserves with Russian oil and gas company Rosneft, part of the pair's broader efforts to unlock new resource stores in unexplored and tough-to-develop regions, Exxon said Friday.

Under the pact, Exxon agreed to implement technologies used to develop tight, low-permeability formations in North America to crack into Russia's untapped and potentially vast stores. The companies also said they would establish a research center aimed at offshore developments.

Drilling is expected to...
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