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NK Rosneft' OAO and BP Plc sign agreement on development of Domanik formations


Friday, 23 May 2014 08:00pm EDT 

NK Rosneft' OAO:Says that Rosneft and BP Exploration Operating Company Limited signed a heads of agreement on Domanik formations.The heads of agreement provides for implementation of a joint pilot project by Rosneft and BP relating to the Domanik formations and, in the event of success, the possible development of unconventional Domanik resources in the Volga-Urals region.The joint venture company (Rosneft 51 percent, BP 49 percent) will be incorporated in Russia.BP will compensate part of the historical costs to Rosneft for exploration of the Domanik formations and will provide carry financing of up to $300 million for the pilot programme, which will be conducted in two phases at licence blocks in the Orenburg Region. 

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