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Rosneft and BP agree to jointly develop subsoil resources in YaNAO

21 December 2017

Rosneft and BP have agreed to develop subsoil resources within the Kharampurskoe and Festivalnoye licence areas of the Yamalo-Nenets Autonomous Okrug in northern Russia, with total geological reserves exceeding 880 bcm of gas.

The project envisages the development of the traditional gas reserves of the Cenomanian deposit, pilot production and subsequent full-scale development of the Turonian deposit as well as oil production optimization and efficiency.

Rosneft will hold a majority stake of 51% and BP will hold 49%. Produced oil and gas will be marketed by Rosneft.

Completion of the deal will be subject to a number of regulatory approvals.

The signed agreement is an important step forward in the development of global gas cooperation between Rosneft and BP.

Commenting on the agreement, Igor Sechin, Rosneft CEO noted: "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.”

Information Policy Division
tel.: + 7 (499) 517-88-97
December 21, 2017

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.