Russian state-controlled natural gas monopoly Gazprom and state-controlled oil giant Rosneft signed on Tuesday a wide-ranging cooperation deal that calls for new joint ventures to bid for hydrocarbon production licenses and other forms of coordination.
The two companies said in a statement that Gazprom would buy natural gas from Rosneft at levels at least equal to its gas production this year at western Siberian fields that are already connected to Gazprom’s pipeline network.
Additional agreements would be necessary for Gazprom to purchase gas from Rosneft’s fields beyond that area, the companies said.
“In line with agreements reached, Rosneft and Gazprom will develop cooperation in prospecting, producing, transporting and processing crude hydrocarbon resources, and purchasing and selling natural and associated gas,” the companies said in a joint statement that was quoted by the Associated Press.
Under the cooperation agreement, which extends through 2015, the two companies said they would jointly participate in tenders for oil and gas licenses and form prospecting and production joint ventures on a parity basis.