Chevron, Rosneft to Jointly Explore Black Sea Ridge

MOSCOW (Dow Jones Newswires), June 17, 2010

Chevron teamed up with Rosneft to explore a ridge in the Black Sea which they said contains at least 860 million metric tons of oil.

The agreement, signed by Chevron Chief Executive John Watson at the residence of Russian Prime Minister Vladimir Putin, is likely to lead to a $1 billion investment in exploratory work and will cost a further 1 trillion rubles ($31.10 billion) if oil is extracted, Rosneft Chairman Igor Sechin told Interfax news agency.

Rosneft and Chevron plan to establish a join operating company in Russia, with Chevron covering the initial exploration costs, including seismic surveys and drilling.

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