Exxon Commits $300M To Oil Project In Siberia With Rosneft

Law360, New York (December 7, 2012, 5:56 PM EST) -- Exxon Mobil Corp. on Friday announced it will provide $300 million in financing for a pilot development program in western Siberia's tight oil reserves as part of a joint venture with Russian oil and gas company Rosneft.

With the pilot program, the oil companies hope to assess the possibility of commercial production of the tight oil reserves in the Bazhenov and Achimov formations in western Siberia, according to a statement from Exxon.

"The strategic combination of Rosneft's operational experience in the area and ExxonMobil's advanced technology...
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