Russian Prime Minister Vladimir Putin says London-based oil giant BP and Russia's largest oil company Rosneft will work together to develop Russia's energy-rich continental shelf.
BP's chief executive Robert Dudley on Friday sealed his first Russian deal after he was forced out of the country in 2008 amid a board-room battle with local investors.
Dudley said BP and Rosneft will cooperate on developing Russia's continental shelf in the Kara Sea in Siberia's north.
BP said it and Rosneft will explore and develop three license blocks covering about 125,000 square kilometers. The company said the area is "roughly equivalent in size and prospectivity" to the United Kingdom's North Sea. The two companies also will collaberate on an Arctic technology center in Russia for the "safe extraction of hydrocarbon resources from the Arctic shelf."
The deal involves a share swap: Rosneft will get 5 percent of BP's voting shares in exchange for giving up 9.6 percent of its voting shares.
BP and Rosneft signed a deal for cooperation in the Arctic in 2006 but before now it has yielded no visible results.
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