BP, Russia’s Rosneft set up new JV for Siberian deposits

MOSCOW, Jun 17 (PRIME) -- BP and Russian oil major Rosneft have signed legally binding documents to establish a joint venture Yermak Neftegaz for geological exploration of fields in West Siberia and the Yenisei–Khatanga Basin, Rosneft said in a statement on Friday.

Rosneft will own a 51% and BP a 49% stake in the joint venture.

BP will invest U.S. $300 million in two stages to finance geologic exploration and Rosneft will contribute licenses and facilities. The first wells will be drilled by affiliates of Rosneft.

Yermak Neftegaz will assess the reserves of the Baikalovskoye field, explore the Zapadno-Yarudeiskoye, Kheiginskoye and Anomalnoye blocks.

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