Russia’s export monopoly Gazprom and the Anglo-Dutch energy giant Royal Dutch Shell have signed a tentative deal to develop hydrocarbons in the Russian Arctic, Russian and Dutch media reported.
The deal was signed on Monday (8 April) in Amsterdam by Gazprom chief executive Alexei Miller and Jorma Ollila, chairman of Royal Dutch Shell. Dutch Prime Minister Mark Rutte and visiting Russian President Vladimir Putin were also present.
The deal is a framework agreement for cooperation in the Arctic and does not refer to any specific hydrocarbon deposits, Russian media reported.
Under existing rules, only Russian companies with more than 50% state ownership and no less than five years’ experience working in marine exploration are allowed to develop the Russian continental shelf, the website RIA Novosti said.
Only Rosneft and Gazprom meet these requirements and can involve other companies in joint ventures.
Royal Dutch Shell also signed a memorandum with Gazprom Neft, Gazprom’s oil arm, on cooperation in exploring and producing shale oil in Russia.
Read more: Gazprom, Shell ink Arctic cooperation deal | EurActiv
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