Gulf Oil and Gas accountACCOUNT

BP & Rosneft Agree Strategic Cooperation in Gas Business

Source: www.gulfoilandgas.com 6/2/2017, Location: Asia

Rosneft and BP have signed an agreement on strategic cooperation in gas and a Memorandum of Understanding (MoU) in respect to the sale and purchase of natural gas in Europe. The documents were signed at the XXI St. Petersburg International Economic Forum (SPIEF).

The two companies agreed to develop integrated cooperation in gas and aim to jointly implement gas projects in Russia and abroad focused on gas exploration and production, LNG production, supply and marketing.

Rosneft and BP also reconfirmed their mutual interest in cooperation in European gas marketing. According to the MoU, Rosneft and BP’s wholly-owned subsidiary BP Gas Marketing Limited will enter into a long-term sales and purchase agreement for the supply of natural gas produced by Rosneft in order to ensure delivery of additional Russian gas supplies to European markets starting from 2019. This MoU is another milestone in the development of strategic cooperation between Rosneft and BP.

“Rosneft already is the largest independent gas producer in Russia and intends to further increase production levels in the coming years,” Rosneft CEO Igor Sechin said. “Cooperation with BP would provide Rosneft with both a new efficient gas monetization channel and the conditions required for the development of a new resource base including hard to recover gas reserves.”

“BP is pleased to expand its ongoing relationship with Rosneft through this agreement,” President of BP Russia David Campbell added. “Shifting to gas is one of the pillars of BP’s strategy. It is important in order to meet the increasing demand for cleaner energy. Gas is a growing proportion of BP’s portfolio and by the middle of the next decade we expect around 60% of our production to be gas, compared with around 50% today.”

The parties agree that Russian state support for an effective gas supplies mechanism is key to the successful implementation of the MoU.

Natural Gas News in Russia >>

Indonesia >>  2/20/2020 - INPEX CORPORATION (INPEX) announced that through its subsidiary INPEX Masela, Ltd., and on behalf of its joint venture partner Shell Upstream Overseas...
Libya >>  2/13/2020 - National Oil Corporation (NOC) reported January 2020 revenues of approximately 1.77 billion USD ($1,768,879,320.49), a decrease of around 418 million ...

Mauritania >>  2/12/2020 - Kosmos Energy and its partners have signed a Sale and Purchase Agreement (SPA) with BP Gas Marketing Limited, a wholly owned subsidiary of BP plc. The...
Australia >>  2/10/2020 - Cooper Energy (COE) announces it has signed a new gas supply agreement with O-I for the supply of 1 PJ per annum for two years commencing 1 January 2...

Qatar >>  2/10/2020 - Qatargas announced the signing of a new, long term Liquefied Natural Gas (LNG) Sale and Purchase Agreement (SPA) with Shell to deliver 1 million tons ...
Cameroon >>  2/5/2020 - Victoria Oil & Gas is pleased to report that it has entered into a non-binding LOI with New Age for the supply of gas from Etinde, which contains natu...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.