Rosneft and BP will go after reserves exceeding 880billion cubic metres of gas in the remote Yamal-Nenets in northern Russia.
Russian oil giant Rosneft will hold a majority stake of 51% and BP will hold 49%.
Igor Sechin, Rosneft CEO, said: “Rosneft and BP will make joint efforts to develop new deposits, including those containing tight gas.
“Our companies have all the necessary competencies and experience to effectively implement such complicated projects.”
David Campbell, president BP Russia, said: “We are pleased to further enhance our cooperation with our partner Rosneft, starting a new gas project in addition to our existing joint projects which cover oil production and exploration.”
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