Exxon Mobil announces plans to start working with Russia's OAO Rosnef to assess what could be massive reserves of shale oil in Western Siberia.
“There is a huge shale potential in shale rocks in West Siberia...we just don't know what the quality is,” Exxon's CEO Rex Tillerson said in an interview Tuesday.
However, the exploration work will take years to establish whether or not the reserves are commercially viable.
"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.
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Exxon may be joining the Russia Barents Sea Shtokman natural gas project “on the right terms.”
Exxon is also looking for more shale opportunities in China, which could potentially have a huge impact on 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."