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.