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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
07/29/201608:01:42Current Report Filing (8-k)
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07/28/201609:20:00Saudi's Sabic Cuts Costs to Counter Earnings Fall
07/27/201613:13:00Exxon Mobil Corporation Declares Third Quarter Dividend
07/27/201605:50:00Statoil Cuts Spending After Posting a Net Loss
07/26/201610:00:00ExxonMobil to Expand Ultra-Low Sulfur Fuels Production at Beaumont...
07/25/201613:50:00Exxon, Saudi Firm Mull Petrochemical Joint Venture
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07/25/201612:46:00Sabic, Exxon Mobil Affiliate Consider JV Petrochemical Complex...
07/25/201609:00:00ExxonMobil to Release Second Quarter 2016 Financial Results
07/25/201608:35:00SABIC and ExxonMobil Evaluating Petrochemical Joint Venture on...
07/25/201603:03:00Summer Offers Refiners No Relief -- WSJ
07/24/201623:10:00BP Tries to Regain Its Footing With the 2010 Spill Behind It
07/23/201605:59:00Fuel Glut Keeps Pressure on Refiners' Profit
07/22/201617:44:00Correction to InterOil Article on Monday
07/22/201616:41:00Correction to InerOil Article on Thursday
07/21/201614:56:00Exxon Wins Bidding War for InterOil After Oil Search Pulls Out...
07/21/201612:10:00ExxonMobil to Acquire InterOil in Transaction Worth More Than...
07/21/201612:10:00ExxonMobil to Acquire InterOil in Transaction Worth More Than...

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