Support The Moscow Times!

Exxon Eyes Investment

ExxonMobil and Rosneft will invest more than 9 billion rubles ($294 million) in technology to recover tight oil in western Siberia, said Natalya Komarova, governor of the Khanty-Mansi autonomous district, Interfax reported.

"Rosneft and its foreign partner didn't sign their agreement just for the fun of it," she said, attributing the decision to tax incentives for oil and gas projects.

On Dec. 7, ExxonMobil and Rosneft signed an agreement, under which they will evaluate the possibilities of commercial tight-oil production from the Bazhenov and Achimov fields in western Siberia.

The two companies are going to set up a joint venture for the purpose. Rosneft will own 51 percent of the joint venture, and Exxon will hold 49 percent.

The venture will operate at 23 Rosneft blocks in the Khanty-Mansi autonomous district. (MT)

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more