Russian state-owned oil company Rosneft is set to gain access to North American unconventional projects through a joint venture with US giant ExxonMobil set to be formalised on 16 April, according to a report.
Rosneft was offered a role in several projects under a landmark
$3.2 billion deal for joint exploration in the Arctic, as well as the Black
Sea, aimed at unlocking 36 billion barrels of oil reserves in the untapped
Russian offshore province.
The Russian company has chosen three projects to start with
as part of the pact, though others will eventually be pursued, industry sources
Rosneft's focus in North America will be on unconventional
hydrocarbons, including shale oil and
ExxonMobil has unconventional projects in the Permian basin
in West Texas as well as several unconventional fields in Canada.
Under the terms of the deal inked in August last year, the pair
will also look at joint development of tight oil resources in Western Siberia that
has regained its appeal at higher oil prices, while conventional sources are in
Rosneft has estimated oil reserves of 2.5 billion tonnes
(19.7 billion barrels) in the shales of the Bazhenov formation in West
Russian companies have little experience in developing tight
oil and are looking to adopt technologies developed by US players to exploit the
Russia's Deputy Prime Minister Igor Sechin will present the joint-venture
project to analysts along with ExxonMobil chief executive Rex Tillerson and
Rosneft counterpart Eduard Khudainatov on 18 April in New York.