Gazprom, Shell may explore Chukchi, Pechora Seas

4/8/2013

Gazprom, Shell may explore Chukchi, Pechora Seas

BY JAMES MARSON

MOSCOW -- Gazprom's oil arm and Shell may jointly develop two sections of Russia's Arctic shelf in the Chukchi and Pechora Seas, Russian Natural Resources Minister Sergei Donskoi was quoted as saying.

The agreement between Shell and Gazprom Neft is expected to be signed.

Mr. Donskoi said the terms of the deal are likely to be the same as for other foreign firms that have partnered with Rosneft, including Exxon Mobil, Interfax news agency reported.

Those deals see the foreign firms provide capital for initial exploration in exchange for one-third of eventual production.

Dow Jones Newswires

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