Exxon Mobil Corp. (XOM) is starting work with Russia's OAO Rosneft (ROSN.RS) in assessing what could be massive reserves of shale oil in Western Siberia, the U.S. giant's Chief Executive Rex Tillerson said Tuesday.
Exxon Mobil Corp. (XOM) is starting work with
Russia
's OAO
Rosneft (ROSN.RS) in assessing what could be massive reserves of shale oil in
Western
Siberia
, the
U.S.
giant's Chief Executive Rex Tillerson said Tuesday.
"There is huge shale potential in shale rocks in
West
Siberia
...we just don't know what the quality is," Mr. Tillerson said in
an interview with Dow Jones Newswires.
The exploration work will take years to establish if the reserves are
commercially viable, and are part of a strategic agreement Exxon reached
earlier this year with state-controlled
Rosneft
,
Russia
's
largest oil producer.
"Rosneft wished to participate in some resource development opportunities
outside of
Russia
and
we have invited them to farm into some areas in
Canada
and
in
Texas
, in
tight oil," Mr. Tillerson said, adding the agreement also called for Exxon
to also help evaluate similar tight resources opportunities in
Western
Siberia
.
Tight oil is mostly, but not exclusively, oil trapped in shale rock formations
that requires advanced fracturing technology to release.
"The shales are basically the source rocks for conventional production in
the region and anywhere you have large existing conventional production you are
going to find source rocks," he said.
Mr. Tillerson also said he didn't rule out Exxon joining the Russia Barents Sea
Shtokman natural gas project.
"On the right terms," he said, when asked if Exxon might want to farm
into the project, possibly by taking part of the stakes held by Statoil ASA
(STO) or Total SA (TOT) in the OAO Gazprom-led project.
"At this point, we don't have any discussions ongoing with them," Mr.
Tillerson said.
"We were engaged in the early days on discussions to participate in that
project, we weren't selected," he said. "We had put forward our views
on how that resource might be developed over the long term."
Exxon is also exploring shale gas opportunities in
China
, he
said, where shale could potentially have as big an impact as it had in the
US
.
"We are in discussions with a couple of the Chinese national oil
companies," Mr. Tillerson said, without identifying them. "We are
doing some joint studies. We haven't taken a position yet, we are still talking
about that and the terms around that."
China's shale gas would have a slower lead-up process than in the U.S. as
"they don't have the existing infrastructure as in the U.S., built over a
50- or 60-year period that is needed to facilitate rapid commercialization,
such as pipelines, gathering systems, distribution systems. It will be
significant for
China
eventually," Mr. Tillerson said.
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