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Russia's Medvedev: Shelf Development Program Should be Reworked

By James Marson MOSCOW--Russian Prime Minister Dmitry Medvedev Thursday ordered the government's shelf-development program to be reworked in order to attract private oil and gas companies to develop the country's vast, but mostly untapped, energy resources in the Arctic. At a government meeting broadcast live on television, Mr Medvedev instructed a working group, headed by Deputy Prime Minister Arkady Dvorkovich, to report back with a finalized program in three months. Russia needs to attract money and expertise to develop its deposits on the Arctic shelf. Russian companies including TNK-BP (TNBP.RS) and Lukoil Holdings (LKOH.RS) have expressed an interest in developing the shelf in partnership with state companies. Russia's state-owned OAO Rosneft (ROSN.RS) has in recent months signed long-term deals with Exxon Mobil Corp. (XOM), Eni SpA (E) and Statoil ASA (STO) to develop offshore oil and gas reserves. Russia plans increase its continental shelf natural-gas production, to 230 billion cubic meters by 2030 from a current 57 billion cubic meters, while shelf oil production is expected to increase to 66.2 million metric tons from 13 million tons, Medvedev said. -Ira Iosebashvili and Alexander Kolyandr contributed to this item. Write to James Marson at james.marson@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Exxon Mobil (XOM)
DateTimeHeadline
09/22/201414:52:47Total Looks to China to Finance Russian Gas Project -- 3rd Update
09/22/201410:53:27Total Looks to China to Finance Russian Gas Project -- 2nd Update
09/19/201409:43:22U.S. Hot Stocks: Hot Stocks to Watch
09/12/201415:22:48U.S., EU Widen Sanctions on Russia
09/12/201415:18:34U.S. Expands Sanctions to Giant Russian Energy Projects
09/12/201406:58:21EU Widens Sanctions on Russia
09/12/201406:57:25EU Widens Sanctions on Russian Companies, Individuals Over Ukraine...
09/10/201418:41:02U.S Readies New Energy Sanctions on Russia -- Update
09/10/201416:55:14U.S, EU Ready New Energy Sanctions on Russia -- Update
09/10/201416:40:10U.S, EU Ready New Energy Sanctions on Russia
09/04/201411:20:09Tanzania Looks to Review Gas Mining Sector Agreements
08/26/201418:57:45ExxonMobil Pipeline Co. to Pay $1.4 Million to Settle Alleged...
08/26/201418:57:07ExxonMobil Pipeline Co. to Pay $1.4 Million to Settle Alleged...
08/22/201409:30:09Russia's Rosneft to Acquire 30% of N.Y.-Listed Oil Driller
08/18/201421:20:11Australia's Oil Search First-Half Profit Rises
08/13/201422:01:44Pemex Has Talked With Firms About Working on Projects
08/06/201418:55:33CST Brands to Acquire General Partner of Lehigh Gas Partners
08/04/201410:20:16Tanzania to Invest $1.2 Billion to Revamp Power Utility
08/04/201405:48:16Tanzania to Invest $1.2 Billion to Revamp State Power Utility
07/31/201409:53:25MARKET SNAPSHOT: U.S. Stocks: Dow Drops By Triple Digits

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