On June 17 Rosneft Oil Company and Chevron Corporation announced in Novo-Ogarevo execution of mutual agreements outlining key principles of future joint exploration activity planned for Rosneft’s Shatsky Ridge off-shore license in the Black Sea.
The agreements were signed by Rosneft President Sergey Bogdanchikov and Chevron CEO John Watson. The signing ceremony was attended by Prime-Minister Putin and Rosneft Chairman and First Deputy Prime Minister Igor Sechin.
Pursuant to the agreements, Rosneft and Chevron intend to establish an operating company in Russia. Chevron will finance initial exploration activities, including seismic surveys and exploration drilling.