TNK-BP to Join Rosneft’s Arctic Shelf Projects

Russian-British joint oil venture TNK-BP has confirmed its intention to join state-controlled oil major Rosneft in developing hydrocarbon deposits in Russia’s Arctic, Rosneft head Eduard Khudainatov said on Saturday.

The move follows a similar decision by Russia’s largest private-owned company LUKoil.

“I have received confirmation from LUKoil and TNK-BP,” Khudainatov said.

The LUKoil head said the company was ready to work with all leading world oil companies with experience, qualification and technologies on the Arctic shelf.

Rosneft had previously made an offer on the joint development of 12 fields on the Arctic shelf to domestic oil companies LUKoil, Bashneft, Surgutneftegas and TNK-BP.

Under existing rules, only companies with over 50 percent state ownership and no less than five years experience working in marine exploration are allowed to develop the Russian continental shelf. Only Rosneft and gas giant Gazprom currently meet these requirements, which has prevented the other companies taking on shelf projects without their participation.

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