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Rosneft, BP to jointly develop Russiaâ€™s Arctic shelf

15 January 2011 15:44 (UTC +04:00)

Baku â€“ APA. The Rosneft Company and Britainâ€™s BP Company have reached agreement to jointly develop the Russian Arctic shelf, The Voice of Russia reported.
This came in a statement by the Russian Prime Minister Vladimir Putin.
The areas to be developed boast oil reserves of 5 billion tonnes and gas reserves that make up 10 trillion cubic metres.
Putin pointed out during his meeting with the British Companyâ€™s top mangers that the Russian Government supports the joint project and will create a most favourable tax and administrative regime for the effort.
Rosneft and BP have, besides, agreed to exchange stock.
The British will hand over to the Russians 5% of their common equities in exchange for 9.5% of the Rosneft stock.
Rosneft and BP are already carrying out a joint project. They are developing the Sakhalin shelf.