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Thursday, May 29, 2008

Rosneft and Gazprom divide spoils

27 May 2008 - Upstream OnLine - Russian state-controlled energy giants Rosneft and Gazprom have agreed on splitting hydrocarbon deposits in Russia's offshore play, a move which will restrict access for foreign and private players. A government official told Reuters that the two companies signed an agreement last year, under which Rosneft will develop oil deposits on Russia's northern shelf, while Gazprom will explore gas fields. The agreement has yet to be approved by the government, said the official. Gazprom and Rosneft declined to comment, a Reuters report said. Russian media reported last year that the government was discussing splitting strategic shelf deposits between Rosneft and Gazprom by holding closed auctions of the fields, which could reduce cash proceeds, but exclude surprise bidders. According to the Russian subsoil law, only companies which have state shareholding of over 50% and previous experience of working on-shelf, can develop oil and gas deposits offshore Russia's far eastern and northern seas.

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