BP, Rosneft to drill in Russian Arctic

MOSCOW, December 22, 2017 – Rosneft and BP have agreed to jointly develop oil and gas reserves in the Kharampurskoe and Festivalnoye licences in the Yamal-Nenets region in the Russian Arctic.

“Rosneft and BP will make joint efforts to develop new deposits, including those containing tight gas,” said Rosneft’s CEO Igor Sechin in a Thursday statement. “Our companies have all the necessary competencies and experience to effectively implement such complicated projects.”

Rosneft will hold a 51% interest in the project while BP will own the remaining 49%, the Russian oil giant added in its press release. The value of the agreement was not disclosed. The licences are believed to hold more than 880 bcm (31.1 tcf) of gas.

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