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
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
(Reporting by Olesya Astakhova; Writing by Maria Kiselyova;
Editing by Elizabeth Piper)