Rosneft and BP plan joint development of deposits at the Arctic shelf

Rosneft and BP plan to develop the deposits in the Arctic shelf together. According to the CEO of Rosneft, I. Sechin, the conditions of the project are to be determined in the near future.

I. Sechin said Rosneft has licenses to hold works at 41 shelf deposits. In this connection BP is offered to choose the best suitable variant.

I. Sechin also said in the short term perspective Rosneft plans to focus on the geological exploration and production block and introduce the position of chief geologist at the company. He added that Rosneft plans to form a new subdivision which will develop the company’s gas direction.

On March 21st Rosneft announced of the completion of the deal on the purchase of TNK-BP from BP and AAR. Rosneft paid for the purchase mainly by loans which it had earlier managed to attract on profitable conditions and shares, as a result of which BP increased its stake in the Russian oil company to 19.75%. After the purchase Rosneft gained the indirect control over 96.51% of voting shares of TNK-BP Holding.





Translated by Galiya Musabekova

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