Russia discusses participation by Exxon, BP on shelf projects
According to Vice Premier Minister Igor Sechin, Russia is discussing the possibilities for participation of the foreign oil companies as Exxon and BP on development of the country’s shelf deposits.
- Not long ago, Rosneft and Chevron signed relevant documents to work on the Black Sea shelf. Talks with other large oil and gas companies, including Exxon and BP, are being held. Sechin said, according to RIA Novosti.
The minister mentioned Shtokman as a project where foreign companies already are involved. Norwegian Statoil and French Total hold respectively 24 and 25 percent of the stakes in this project.
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The Russian Ministry of Natural Resources earlier this year proposed a law amendment that will significantly improve foreign companies’ access to Russian strategic resources if it is approved by the government.
Currently, only the two state-controlled companies Gazprom and Rosneft are allowed to engage in strategic shelf projects. In land-based projects, foreign companies are allowed to hold only 10-percent stakes.
