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2008 May 27   09:29

Rosneft, Gazprom sign shelf-sharing agreement - source

Rosneft (RTS: ROSN) and Gazprom (RTS:GAZP) have  signed  a  protocol to share Arctic and Far eastern offshore hydrocarbons fields, a source at a government agency told Interfax.

"This secret protocol has already been signed," the source said. The  source  said  the  shelf  would  be  split up according to two criteria: resources, and the prevalence of oil or gas; and geographical, depending where the companies' interests lie.

After  signing  the  protocol,  the  companies are due to draft and submit a  program  for  developing  the  shelf  to  the  Russian Federal Subsurface  Resources Agency (Rosnedra), and then to the Russian Natural Resources  Ministry  for  approval.  "The  programs  have  not  yet been submitted  to Rosnedra, but the deadline for submitting them has not yet been set either," the source said.

The  source said the shelf deal did not cover the Caspian and Black seas or the Sea of Azov.

The  acting law on subsurface resources states that companies which are more than 50%-owned by ten state and which have more than five years experience  of  operating  at  offshore  sites  are  entitled to develop offshore Arctic and Far Eastern hydrocarbons fields.

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