Rosneft, Abkhazia sign E&P accord

Rosneft has signed an exploration and development agreement with the Ministry of Economy of the Republic of Abkhazia.

Offshore staff

MOSCOW --Rosneft has signed an exploration and development agreement with the Ministry of Economy of the Republic of Abkhazia.

Under the five-year accord, the two parties will pursue upstream and downstream co-operation in oil and gas field projects. This may extend to development of advanced technologies for exploration and secondary recovery from discoveries offshore.

Abkhazia President Sergey Bogdanchikov said there were further plans to establish a new company to explore offshore oil and gas fields – Abkhazia, formerly part of Georgia, borders the eastern Black Sea coast.

05/28/2009

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