The JV will further develop the Srednebotuobinskoye oil and gas condensate field in eastern Siberia, as well as explore new opportunities in the region.
Rosneft and BP will also explore two additional areas of mutual interest (AMI) in the West Siberian and Yenisey-Khatanga basins covering a combined area of about 260,000km2.
Rosneft chairman Igor Sechin said: "Eastern Siberia is a priority area for Rosneft.
Taas-Yuryakh Neftegazodobycha is carrying out a set of actions with the aim to further expand local infrastructure and boost production capacities."
The agreement signed by the two companies has a provision to create new joint ventures to obtain licences and perform exploration activities. All such JVs will be owned 51% by Rosneft and 49% by BP.
BP Russia president David Campbell said: "BP will continue to seek attractive investment opportunities to develop Russia’s substantial resources, whilst continuing to comply with international sanctions."
The two giants are also restructuring their ownership in German Ruhr Oel (ROG) refining joint venture.
BP will begin to own 100% of the Gelsenkirchen refinery and the solvent production facility DHC Solvent Chemie, while Rosneft will double its holding in Bayernoil refinery, MiRO refinery. PCK Raffinerie.
"Our sole ownership of the Gelsenkirchen refinery will re-focus our refining business in the heart of Europe and is in line with our drive for greater simplification and efficiency," Campbell added.
Image: Rosneft and BP executives signing the agreement at the St. Petersburg International Economic Forum. Photo: courtesy of Rosneft.
