On December 7, 2012, the oil giant ExxonMobil announced that it has agreed to increase its investment by US$300 million in joint ventures with Russian state oil company Rosneft for advanced horizontal drilling and hydraulic fracturing exploration in Siberian oil fields. Help Russia find great potential for tight oil reserves.
ExxonMobil said that it will establish a joint venture with Rosneft with a ratio of 49 to 51 to carry out pilot projects in the Bahenovo shale area and the western region of Agamov in Western Siberia. Develop commercial reserves after developing potential reserves.
Pagenov is the world's largest source rock topography. However, Russia, which is rich in traditional oil reserves, has not yet followed the United States' steps to deploy advanced horizontal drilling and hydraulic fracturing technologies for commercial development. It is used to develop shale oil and gas resources.
With the decline in the reserves of Western Siberia's core oil fields, as the world's largest oil exporter, Russia also encourages the development of compact terrain oil and gas resources through tax incentives for companies. There are already many oil companies conducting limited-scale exploration work in the Palenov area to test the economic outlook for the use of higher-cost production technology in the West Siberia region.
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