This agreement is to further the August 2011 long-term strategic cooperation agreement signed between the two companies.
Western Siberia has several oil reserves in tight low-permeability formations, as per the signed agreement the two companies will jointly develop these reserves using technology successfully employed by ExxonMobil in North America.
"We are not only looking at new geographical regions of operation but are also studying the potential of difficult to produce reserves in traditional oil producing regions," said Rosneft President Igor Sechin.
With drilling expected to begin in 2013, the two companies will now approve a work program for selected Rosneft license blocks.
Rosneft and ExxonMobil will have a 66.67% and 33.33% interest respectively in the developmental phase with ExxonMobil financing the geological studies and exploratory drilling.
In addition to the joint development the two oil and gas majors will establish a joint Arctic Research Center for Offshore Developments.
