Rosneft and BP to explore and develop onshore Siberian oil resources in a joint venture.
Plans for the West Siberian and Yenisey-Khatanga basins include regional research, seismic testing and drilling of exploration wells. Field works in the 260,000 square-kilometre area are anticipated to begin in early 2017.
The joint venture is to be called Yermak Neftegaz and will be owned 51% by Rosneft and 49% by BP.
BP will provide up to $300 million (£210m) for the exploration stage. Rosneft will contribute licenses and operational experience, with initial drilling to be performed by its subsidiaries.
The final binding agreements were signed by Rosneft CEO Igor Sechin and President of BP Russia David Campbell today.
Mr Campbell said: “In the current low oil price environment, we continue to look for opportunities for future growth.”