Rosneft, ExxonMobil sign unconventional oil deal

TUAPSE, RUSSIA: Rosneft and ExxonMobil signed a deal on Friday on joint development of Western Siberia's substantial tight oil resources, a Reuters correspondent reported from the ceremony.

Tight and shale oil development in both Russia and North America are covered in a partnership agreement signed in April by the Russian state owned company and the American major as part of an exploration partnership centred on the Russian Arctic.

ExxonMobil CEO Rex Tillerson was with Rosneft head Igor Sechin on Friday in the Black Sea refinery town of Tuapse, where Rosneft was presenting its strategy to President Vladimir Putin.

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