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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
02/08/201615:17:16Statement of Changes in Beneficial Ownership (4)
02/08/201615:08:39Statement of Changes in Beneficial Ownership (4)
02/05/201618:37:25Statement of Changes in Beneficial Ownership (4)
02/05/201615:31:41Statement of Changes in Beneficial Ownership (4)
02/05/201603:03:00Pay Dividends Or Keep Ratings
02/04/201614:30:00Suncor CEO Vows to Protect Dividend Amid Oil-Price Swoon
02/03/201623:10:00Canadian Oil Giant Suncor Energy Posts Loss
02/03/201617:47:00Oil Prices Rise 8% on Weak Dollar, Despite Daunting Supply Data
02/03/201617:23:00MARKET SNAPSHOT: Bipolar Dow Industrials Ends Sharply Higher...
02/03/201617:19:00MARKET SNAPSHOT: Bipolar Dow Industrials Ends Sharply Higher...
02/03/201615:57:00Oil Prices Rise 8% on Weak Dollar, Despite Daunting Supply Data
02/03/201615:53:00MARKET SNAPSHOT: Wall Street Pivots Higher; Dow Sees Triple-digit...
02/03/201603:02:00Crude Slump Pressures Exxon, BP
02/03/201602:00:00Crude Oil Stays Below $30 a Barrel
02/02/201620:50:00Japan's Shares Fall Sharply
02/02/201620:10:00Oil Slump Pressures Exxon, BP Results
02/02/201619:59:00Oil Slump Pressures Exxon, BP Results
02/02/201617:00:00S&P Cuts Ratings of 10 U.S. Oil Companies
02/02/201614:54:00Exxon Mobil Profit Tumbles 58% -- 3rd Update
02/02/201612:05:00Exxon Gets OK to Truck Crude Oil on California Highway -- Update

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