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ExxonMobil has been tapped to aid in developing unconventional Russian oilfields, according to a report by Bloomberg.
Russia's OAO Rosneft has partnered with the U.S.-based energy giant in order to utilize Exxon's hydraulic fracturing technology to unlock the Bazhenov Shale formation which, according to estimates, is nearly 80 times larger than the Bakken Shale.
Rosneft estimates that the Bazhenov Shale could potentially hold 13.2 billion barrels of oil. However, tapping into these resources has been hampered by the formation's geology, which has proven to be more difficult than formations in the U.S.
Rex Tillerson, CEO of ExxonMobil, commented: "The in-place potential is enormous. The real issue is can we develop it in a cost-effective way?"
ExxonMobil is not the only company with an eye toward Russian development. Lukoil is also actively drilling into the Bazhenov formation.
Click here to access the original article via Bloomberg.
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