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Rosneft and ExxonMobil
agree to joint Western Siberia tight oil pilot
Rosneft and ExxonMobil Corp. signed a pilot development agreement finalizing a previously announced joint project to assess the possibility of commercial production of tight oil at the Bazhenov and Achimov formations in Western Siberia.
The agreement supports implementation of the companies’ August 2011 long-term strategic cooperation agreement (OGJ Online, Aug. 30, 2011).
The joint venture will run a pilot program with Rosneft holding 51%. Work will be carried out at Rosneft’s 23 license blocks covering more than 10,000 sq km. Drilling is expected to begin in 2013.
Rosneft and its production subsidiaries will provide workers and access to existing infrastructure. ExxonMobil will provide up to $300 million in financing along with technologies and expertise. In addition, ExxonMobil will provide production management services for drilling complex horizontal wells.
The pilot program will include drilling new horizontal and vertical wells using the latest fracturing technologies, deepening existing wells, and redevelopment of idle wells.
Source: Oil & Gas Journal, Dec. 7, 2012
Rosneft and ExxonMobil
Sign Declaration on Russian Arctic Shelf Environmental Protection
Rosneft and ExxonMobil signed a Declaration on Protection of the Environment and Biodiversity for Oil and Gas Exploration and Development on the Russian Arctic Continental Shelf1.
The declaration was signed during a meeting between Igor Sechin, Rosneft president and chairman of the management board, and Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation, and senior managers from both organizations.
The declaration sets out measures to help protect the Arctic’s ecosystems during oil and gas exploration and development activities to be undertaken by Rosneft and its partners.
Commenting on the signing, Igor Sechin said, “Rosneft and ExxonMobil have worked together effectively for quite a long time. I am grateful to Rex Tillerson for the decision to join the initiative”.
Rex Tillerson said,“We seek to manage the impact on the environment wherever we operate through continuous improvements in technology and operational procedures. We support Rosneft’s initiative and will work with them and other industry representatives to protect the environment in the Russian Arctic.”
The parties have agreed to form a joint working group to consider establishing a Coordination Center that may include participation of representatives of Roskosmos, the Ministry of Transport of the Russian Federation and the Ministry of the Russian Federation for Civil Defense, Emergencies and Elimination of Consequences of Natural Disasters. The Coordination Center would coordinate activities to protect biodiversity including observing principles and recommendations of the Convention on Biological Diversity and the standards set by IPIECA, the global oil and gas industry association for environmental and social
issues.
Source: Rosneft Press Release, December 7,
2012
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