Rosneft and ExxonMobil Agree to Develop Tight Oil Reserves in Western Siberia and Establish Arctic Research and Design Center for Offshore Developments

Rosneft
and ExxonMobil
today signed agreements to jointly develop tight oil reserves in Western
Siberia and establish a joint Arctic Research Center for Offshore
Developments.

The agreements, which support implementation of the companies′ August
2011 long-term strategic cooperation agreement, were signed by Rosneft
President Igor Sechin and Stephen M. Greenlee, president of ExxonMobil
Exploration Company. Vladimir Putin, President of the Russian
Federation, Rex W. Tillerson, chairman and chief executive officer of
Exxon Mobil Corporation (NYSE:XOM), and other top managers of the
companies were present at the signing ceremony.

Rosneft and ExxonMobil agreed to expand and expedite joint efforts to
develop oil reserves in tight low-permeability formations in Western
Siberia using advanced technologies that ExxonMobil has successfully
employed in North America.

The agreement establishes a pilot program to determine the technical
feasibility of developing the reserves and is an extension of a
technical research program, which Rosneft and ExxonMobil signed in April
2012.

In the near future, Rosneft and ExxonMobil will approve a work program
for selected Rosneft license blocks which will include geological
studies and drilling of Bazhenov and Achimov reservoirs. Drilling is
scheduled to begin in 2013.

ExxonMobil will finance the geological studies and exploratory drilling.
Participating interests in a potential development phase will be 66.67
percent for Rosneft and 33.33 percent for ExxonMobil.

'We are not only looking at new geographical regions of operation but
are also studying the potential of difficult to produce reserves in
traditional oil producing regions,? said Rosneft President Sechin.

'In Western Siberia, an extremely promising area in this respect is the
Yuganskneftegaz Region. Development of these reservoirs will require a
combination of state-of-the-art technologies, expertise in developing
tight reservoirs, and appropriate fiscal terms, which the government of
Russia started preparing this year. This will both help meet the growing
need for energy in Russia itself and maintain stability in global
markets.'

Tillerson said the Western Siberia area presents a good opportunity for
ExxonMobil and Rosneft.

'This agreement combines the strengths of our two companies,? said
Tillerson. 'ExxonMobil has technology leadership in tight oil and
unconventional resource development and Rosneft brings direct knowledge
and experience of Western Siberia′s geology and conventional production.?

The other agreement signed today will enable ExxonMobil to join the new
Arctic Research Center, which will provide a full range of services to
support all stages of oil and gas development on the Arctic shelf,
including ice monitoring and management, design of ice resistant
offshore vessels, structures and Arctic pipelines, logistics and safety.

Safety standards will be a priority for the center, which will have its
own special marine incident warning and prevention department focused on
preventing and immediately responding to emergencies.

CAUTIONARY NOTE:

Statements that reference future events or conditions in this press
release are forward-looking statements. In the future, the actual
results, including project plans, costs and benefits and production
volumes realized by the parties as a result of this agreement, may
differ significantly from the forecasts, depending on the actions of
governmental authorities or regulatory agencies, including possible
changes in the law; the results of exploration programs; changes in oil
or gas prices and other market or economic factors that affect the
petroleum industry; the development of new technologies; other technical
and operational factors; the actions of competitors, and other factors
listed under the heading 'Factors Affecting Future Results? on the
Investor page at the ExxonMobil website at www.exxonmobil.com.
Additional information about Rosneft is available on its website at www.rosneft.com.

About ExxonMobil

ExxonMobil,
the largest publicly traded international oil and gas company, uses
technology and innovation to help meet the world′s growing energy needs.
ExxonMobil holds an industry-leading inventory of resources, is the
largest refiner and marketer of petroleum products, and its chemical
company is one of the largest in the world. Follow ExxonMobil on Twitter
at www.twitter.com/exxonmobil.

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