Rosneft and BP signed a bilateral protocol of intentions on Wednesday on carrying out joint hydrocarbon exploration in the basins of the Arctic region, Rosneft's press office reported according to RBC. The main goal of the document is to define the areas of mutual interests in the region.
According to the protocol, the companies and their affiliates will act together to obtain joint rights from the Russian government for geological exploration and/or production of hydrocarbons in the region.
Rosneft and BP have agreed to form a working group before the year-end to devise an agreement on cooperation in the Arctic region, which would be based on the signed protocol. The protocol will be valid till December 31, 2007 and may be extended.