Russian/Azeri E&P venture launched

Rosneft and Azerbaijan’s state oil company SOCAR have signed a joint venture agreement.

Offshore staff

ST PETERSBURG, RussiaRosneft and Azerbaijan’s state oil company SOCAR have signed a joint venture agreement.

This provides for oil and gas exploration and production projects in different regions, includingAzerbaijan and Russia.

Both parties agreed to create the JV on a parity basis, with participation in producing assets in Russia, Azerbaijan, and third countries, with the assets to be agreed at a later date. Offshore areas under review include the Russian sector of theCaspian Sea.

05/30/2014

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