BP, TNK and Rosneft to participate in joint oil exploration

The Russian oil company Rosneft filed an application with the Ministry of Natural Resources for a license to participate in the exploration of another field of the Sakhalin-5 project, Rosneft's President Sergey Bogdanchikov reported at a press conference in Yuzhno-Sakhalinsk today. As reported earlier, the oil exploration alliance including Rosneft and BP is already exploring one of the Sakhalin-5 project's oil fields. The exploration will continue in 2003, and the first exploratory well is to be drilled in summer 2004. The exploration is financed by BP.

Meanwhile, TNK was already given a license for the exploration of an oil field within the Sakhalin-5 project. Rosneft intends to hold talks with BP and TNK on combining their projects. According to Bogdanchikov, a preliminary discussion on this issue has already been held, and the parties are currently studying the possible deal.

© &to=http://www.rbc.com' target=_blank>RBC

&to=http://www.bp.com' target=_blank>BP

&to=http://www.tnk.ru' target=_blank>TNK