- Rosneft (OTC:RNFTF) and its partners plan to invest 480B rubles ($8.4B) in developing Russia's offshore energy industry over the next five years, part of a bid to boost output from new areas, Reuters reports.
- It is not known which partners would be involved in the investments; Rosneft has licenses for 55 offshore blocks in Russia's Arctic, Far East and southern regions, which are believed to contain oil and gas resources.
- Rosneft reportedly plans to return to operations in the Arctic Karat Sea in 2019 but has not specified whether it would work alone or with a partner; a deal to work in the Karat Sea with Exxon Mobil (XOM -1.5%) was suspended in 2014 after sanctions were imposed.
- Rosneft, XOM and others are partners in the Sakhalin 1 project off Russia's far east coast, and the Russian firm also has deals for offshore work with Norway's Statoil (OL:STL) (STO -2.2%), Italy's Eni (E -0.9%) and others.
- Now read: Implications Of The Seadrill-Rosneft Deal
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