The LOI states that the parties (and their affiliates) will seek to work together to obtain any rights to geological study and/or production of hydrocarbons in the region that may be offered by the Russian Government.
Rosneft and BP agreed to form a joint working group by the end of 2006 to negotiate a cooperation agreement in the Arctic region based on the principles of the LOI.
The companies agreed that the LOI would be effective until December 31, 2007 with the possibility of further extension.
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