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Exxon to Start Siberian Oil Drilling With Rosneft in 2013

Exxon Mobil Corp. agreed to start drilling tight oil prospects in Siberia in 2013 with state-run OAO Rosneft as Russia looks to tap the technology that reversed slumping U.S. output.

Exxon will finance geological studies and drilling at the Bazhenov and Achimov shale formations, the companies said today in a statement. After the exploration stage, the Irving, Texas-based producer will get a 33.3 percent stake in any development, they said.