Rosneft, BP agree to explore for hard-to-recover oil in Russia

ST PETERSBURG, Russia Sat May 24, 2014 6:58am EDT

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ST PETERSBURG, Russia May 24 (Reuters) - Rosneft and BP have signed an agreement to jointly explore for hard-to-recover oil in the Volga-Urals region of central Russia, the state-run Russian oil company said on Saturday.

Rosneft will get 51 percent in a joint venture which will explore the Domanic formation, while BP will hold 49 percent. BP holds an almost 20 percent stake in Rosneft.

Earlier, Rosneft agreed to explore for hard-to-recover oil in Russia with U.S. ExxonMobil and Norwegian Statoil .

(Reporting by Alexei Anishchuk and Katya Golubkova)

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