Gazprom, Shell Agree on Arctic Partnership

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Gazprom, Shell Agree on Arctic Partnership

MOSCOW - Russia's natural gas monopoly OAO Gazprom and the Netherlands' Royal Dutch Shell PLC have agreed to jointly explore and produce offshore hydrocarbon resources in the Russian Arctic, Gazprom said in a statement released late Monday. 

The agreements cover the exploration and development of hydrocarbons in the Arctic shelf and confirm the companies' partnership for the exploration and production of shale oil in the Khanty-Mansiysk region of Western Siberia. 

"Gazprom and Shell are already partners in the development of the Russian shelf. The new agreements allow (us) to explore the potential of our mutual possibilities," Gazprom Chief Executive Alexei Miller said in the statement. 

The agreement for shale oil exploration and production in Khanty-Mansiysk is a 50%-50% joint venture and will be registered in St. Petersburg. 

Gazprom and Shell expect Salym Petroleum Development NV – an oil development firm where both companies are equal partners – to become the operator of new projects at the first stage of cooperation.

Copyright (c) 2012 Dow Jones & Company, Inc.

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