Today in the XI International Investment Forum “Sochi – 2012” in the presence of Dmitry Medvedev, Prime Minister of the Russian Federation Alexey Miller, Chairman of the Gazprom Management Committee and Igor Sechin, President, Chairman of the Rosneft Management Committee signed the Cooperation Agreement on the joint pre-development of offshore hydrocarbon fields.

The document stipulates further partnership between the companies in searching for the most effective methods, ways and solutions to enhance the Russian Federation continental shelf exploration as well as to develop and replenish its resource base.

The parties will unite efforts to create onshore infrastructure in the frameworks of offshore projects, as well as to search for new possibilities for providing their hydrocarbons transport and loading facilities. The meeting also discussed potential cooperation on the use of a party's equipment and personnel by the other party in offshore operations.

Gazprom and Rosneft will aspire to maximum cooperation, particularly, in operations for petroleum and energy equipment production and emergency prevention. The parties expressed mutual interest in energy cooperation deepening, including energy efficiency and renewables.

Under the Agreement, the parties will elaborate a Cooperation Plan aimed at achieving the following goals:

• organization of research and development, provision of engineering services in the field of geological exploration;
• accomplishment of infrastructure support of offshore operations, including construction of offshore platforms, pipelines, onshore bases and other necessary structures and facilities;
• elaboration of measures in the sphere of environmental protection and process safety.

Background

The Strategic Cooperation Agreement between Gazprom and Rosneft was signed on November 28, 2006 for the period up to 2015.