Arctic Shelf collaboration: Russian oil majors Gazprom and Lukoil are said to be in advanced talks with a view to setting up a collaborative agreement that will enable Lukoil to capitalise on Gazprom’s licence to develop hydrocarbon projects in the Yamal-Nenets Autonomous District. The JV would be the continuation of the strategic partnership which the companies agreed at least year’s Economic Forum in St Petersburg and would help Lukoil circumvent legislation that restricts permission to companies that already have five years’ offshore experience working in the area, a stipulation that effectively excludes everybody apart from the state-run trio of Gazprom, Rosneft and Zarubezhneft.
Source: Gazeta