Rosneft, BP agree to jointly develop oil, gas blocks on Yamal

MOSCOW, Dec 21 (PRIME) -- Russian oil major Rosneft and British giant BP have agreed to implement a joint project to develop the Kharampurskoye and Festivalnoye oil and gas blocks in the Yamalo-Nenets Autonomous District, Rosneft said in a statement Thursday.

Rosneft will own 51% in the project, while BP will receive a 49% stake.

Total geological reserves of the two blocks exceed 880 billion cubic meters of gas.

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