By. Daniel J. Graeber, Oilprice.com | 09/12/13 | Last Updated: 09/12/13 1:13 PM ET
President of Russian energy company Rosneft, Igor Sechin, said he was eager to unlock the shale oil potential in the Samara region of western Russia. With forecasts warning the U.S. shale phenomenon won’t last, Russia could be moving its pawns into play.
Sechin met recently with Helge Lund, chief executive officer of Norwegian energy major Statoil, to sign a joint venture agreement for the production of the Domanik shale formation in the Samara region, near Russia’s southwest border with Kazakhstan.
Sechin said in a statement the deal with Statoil would help his company, the largest publicly traded oil and gas company in the world, accelerate the development of hard-to-reach oil reserves in the region. “If successful, we believe this could be a world class shale oil asset,” Lund added.
Read more: http://business.financialpost.com/2013/12/09/russia-taps-shale-oil-resources/?__lsa=5af5-7ead