MOSCOW, June 16 Russian's Lukoil and Gazprom will set up a joint venture by the end of this year to explore a part of the Barents Sea shelf, Lukoil CEO said on Monday.
Lukoil, Russia's biggest non-state oil producer, will have a 34 percent share in the venture, Vagit Alekperov told reporters on the sidelines of an energy conference in Moscow.
He added the companies would finance exploration pro-rata their shares in the project but did not elaborate.
Russian law reserves the right to secure new offshore fields in Russia for state-controlled enterprises only and the partnership with Gazprom allows Lukoil to evade the restrictions. (Reporting by Olesya Astakhova; Writing by Maria Kiselyova; Editing by Elizabeth Piper)