A rusty oil field in the Surgut region of Siberia could soon be transformed by new hydraulic fracturing technology to tap the vast Bazhenov formation, the world's largest known reservoir of oil and natural gas. (AFP/Getty Images)
Caught off guard by the shale oil-and-gas boom in the United States, Russian President Vladimir Putin appears to have given his blessing to an aggressive effort to tap enormous shale deposits in Siberia.
State-run oil company Rosneft and natural gas driller Gazprom are working with ExxonMobil, Royal Dutch Shell, and Statoil in a bid to create a matching boom in Russian shale.
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