Energy

Russia's Gazpromneft and Novatek to set up joint Arctic offshore venture

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Gazpromneft petrol station is seen in Minsk, Belarus December 16, 2018. REUTERS/Vasily Fedosenko

MOSCOW, June 4 (Reuters) - Russian oil producer Gazpromneft (SIBN.MM) has agreed with gas producer Novatek (NVTK.MM) to set up an Arctic offshore joint venture and will together develop the North-Vrangelevskiy area, the companies said on Friday.

The companies plan to conduct exploration work in the eastern part of the East Siberian Sea and western part of the Chukchi Sea, Novatek said. The water depth within the area is 20-90 metres.

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Reporting by Anton Kolodyazhnyy Writing by Tom Balmforth Editing by David Goodman

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