Shell, Gazprom Neft to sign Arctic cooperation deal
BY ALEXANDER KOLYANDR AND JAMES MARSON
MOSCOW -- Shell will sign a framework agreement to partner Gazprom Neft on projects on Russia's Arctic shelf, a person familiar with the matter said, becoming the latest international major to seek access to potentially vast but hard-to-recover resources in the region.
The deal will be signed during a visit to the Netherlands by Russian President Vladimir Putin, the person said, without giving further details.
Shell is already a partner of Gazprom Neft's parent company, Gazprom, on the Pacific Sakhalin-2 project, and is also working with Gazprom Neft on developing oil resources onshore.
Gazprom and Rosneft are the only firms allowed to lead projects on Russia's Arctic shelf. Rosneft is partnering with Exxon Mobil, Eni and Statoil.
Shell's attempts to explore the United States Arctic have been marred by problems. A spokeswoman for Shell didn't immediately respond to a request for comment.
Dow Jones Newswires