Exxon Mobil has signed an agreement with Russiaâ€™s state-owned oil company Rosneft to explore for oil in Western Siberia.
The deal is part of a long-term strategic agreement between Exxon and Rosneft signed in August 2011. The work will span 10,000 square kilometers, according to a report of the Associated Press (AP).
Rosneft will provide staff and access to existing infrastructure. Exxon said that it will provide financing of up to $300 million for the pilot program, as well as necessary technology, specialists, and management services for drilling complex horizontal wells.
Drilling is set to begin in 2013, and the companies expect commercial development in 2015.