Rosneft and Gazprom have signed a cooperation agreement to create and jointly operate offshore field development infrastructure. The agreement was signed by Igor Sechin, President and Chairman of the Management Board at Rosneft, and Alexei Miller, Chairman of the Management Board at Gazprom, in the presence of Russian Prime Minister Dmitry Medvedev at the XI Sochi International Investment Forum.

Under the agreement, the two companies will strengthen cooperation to identify the most efficient methods and solutions to drive exploration of Russia’s continental shelf and resource development and replacement by combining technical and financial capacities.

The parties will also implement a long-term business strategy encompassing industrial, infrastructure and socio-economic development founded in the creation of high-tech production facilities for the study, exploration and production of hydrocarbons, the exploration of offshore fields and the creation of transport and energy infrastructure.

One of the most important points in the agreement covers the companies’ intention to join forces so as to ensure compliance with the terms of international agreements and Russian legislation governing environmental protection and safety and the protection and preservation of offshore natural and mineral resources. Efforts to this effect will include creating an environmental monitoring system, developing innovative environmental protection measures and creating a research and development programme for exploration and production at offshore Russian fields. Both companies also plan to put in place effective mechanisms to prevent accidents and emergencies, which will include joint regional emergency centres.

Both companies are also keen to expand energy cooperation with a special emphasis on energy efficiency and renewable energy. Efforts in this field will focus on creating and applying state-of-the-art technologies.

The parties will prepare a plan with concrete steps for practical implementation of the agreement.

Conclusion of this agreement will also drive Russian economic growth, strengthening the economic standing of both companies and boosting the efficiency of joint work between Rosneft and Gazprom in the regions in which they operate.