Rosneft and Lukoil Resolve Oilfield Dispute

Rosneft and Lukoil have reached an agreement about ownership rights to a number of oilfields in northern Russia. Lukoil said that the two companies had signed a memorandum of understanding that had outlined the basic principles of cooperation in the province of Timan-Pechora and sets out ways to restructure their assets in this region.

Earlier this month Rosneft paid $600 million for OAO Severnaya Neft, which holds a license to develop 15 oil and gas fields in Timan-Pechora and the Nenets and Komi regions. The fields have total recoverable reserves of 120 million metric tons of oil equivalent.