Rosneft and BP announce the completion of the transaction to sell a 20 per cent share of Taas-Yuryakh Neftegazodobycha LLC to the British company.

The joint venture between Rosneft and BP based on Taas-Yuryakh Neftegazodobycha LLC will continue further development of the Srednebotuobinskoye oil and gas condensate field which is one of the largest fields in the Eastern Siberia. The JV will also undertake the development of suitable infrastructure for further exploration and development of the region’s reserves.

The companies’ cooperation within the project will contribute to expanding local infrastructure and boosting production capacities of these Eastern Siberian fields, one of the key regions of Rosneft’s business.

Rosneft also plans to select a second partner in Taas-Yuryakh Neftegazodobycha, which will have positive effect on the project’s development in the long term.

Commenting on the deal closure, Rosneft Chairman of the Management Board Igor Sechin said: “We see ample potential for the expansion of this project as well as for development of our activities in nearby license blocks. We hope for integrated cooperation in the development of Eastern Siberia’s reserves together with our strategic partner and shareholder, BP”.

David Campbell, President BP Russia, said: “We look forward to working together with our partner Rosneft on this project. We believe it will offer us new opportunities to increase productivity of the existing field and to discover new fields. This new joint venture reinforces BP’s commitment as a long term strategic investor in Russia”.