Chevron in talks on Russia Arctic oil

Thu Mar 1, 2012 2:57am EST

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MOSCOW, March 1 - U.S. oil major Chevron met a Russian government official to discuss possible participation in tapping vast Arctic oil reserves, which are currently off limits for non-state corporations, the Ministry of Natural Resources said on Thursday.

The statement came a day after Russian Prime Minister Vladimir Putin said he intended to free up access to the Northern offshore fields.

"Your country owns giant reserves, and absence of significant projects in the Russian Federation is a huge gap in our portfolio," Chevron official Andrew McGrahan is quoted as saying by the ministry.

Chevron could not immediately be reached for comment.

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