Russian state-controlled energy companies OAO Rosneft (ROSN.RS) and OAO Gazprom (GAZP.RS) will obtain rights to develop oil and gas deposits on the Russian Arctic shelf, the Kommersant daily said Thursday, citing the country's natural resource minister Yury Trutnev.
Under a newly adopted law on strategic sectors only companies, in which the Russian state holds a stake above 50%, may develop the shelf.
"In essence the conception (working on the shelf) is already decided. It is reflected in the law, saying that the shelf will be assimilated by companies controlled by the state. Clearly, it talks about Gazprom and Rosneft," Trutnev said.
The Russian shelf is estimated to hold almost 100 billion metric tons of oil equivalents, with 75% of that being natural gas.