The first and the most important focus area of BP’s business in Russia is a 19.75% share of Rosneft. BP nominates two representatives to Rosneft’s Board of Directors: BP CEO Bernard Looney and former BP CEO Robert Dudley.
Secondly, we are investing in certain assets through joint ventures with Rosneft. And here we see significant changes over the last six years - we already have joint projects which cover existing oil production, exploration for oil and gas, and gas production.
We currently have interests in three joint ventures in Russia:
The Taas-Yuryakh JV in Eastern Siberia in which we have a 20% equity stake, and which is currently producing more than 70,000 bbls/day. The deal to acquire stake in Taas was completed in November 2015. The production is expected to reach 100,000 bbls/day by 2021.
A 49% stake in Yermak Neftegaz LLC, formed in 2016, which is conducting onshore exploration in the West Siberian and Yenisey-Khatanga basins. Two Areas of Mutual Interest (AMIs) cover a combined area of about 260,000 square kilometers.
In 2017 at the 21st St Petersburg International Economic Forum Rosneft and BP announced Strategic Gas Partnership. The partners agreed to develop integrated cooperation in gas and aim to jointly implement gas projects in both Russia and abroad focused on gas exploration and production, LNG production, supply and marketing.
The third focus area of our business is technical and technological collaboration with Rosneft, where the two companies can learn from each other or jointly develop new technologies. For example, we are currently cooperating on health, safety and environmental issues in order to share best practice. In September 2016 at the Eastern Economic Forum (EEF) in Vladivostok Rosneft, BP and Schlumberger announced agreements for collaboration to develop innovative cableless onshore seismic acquisition technology.