Rosneft and BP signed several agreements strengthening the long term strategic relationship between the two companies, at the St. Petersburg International Economic Forum.

Rosneft and BP signed final binding agreements for Rosneft's sale to BP of a 20 per cent share of Taas-Yuryakh Neftegazodobycha, creating a new joint venture in East Siberia. The document was signed by Rosneft Management Board Chairman Igor Sechin and President of BP Russia David Campbell.

The venture will further develop the Srednebotuobinskoye oil and gas condensate field which is one of the largest fields in eastern Siberia, currently producing about 20,000 barrels a day. The Taas venture will also undertake the development of suitable infrastructure for further exploration and development of the region's reserves. Related to this, Rosneft and BP will also jointly undertake the exploration of an associated Area of Mutual Interest (AMI) in the region, covering approximately 115,000 square kilometres.

Tags: BP PLC, Rosneft