LUKOIL is discussing with Rosneft the possibility of joint development of oil deposits on the Black Sea and Caspian Sea shelfs, RIA Novosti reports quoting LUKOIL's head VagitAlekperov.
Earlier, the two companies have planned to unite their deposits in the oil-rich Timan-Pechora province, where LUKOIL has already established the necessary export infrastructure.
However, Russian legislation should be adjusted to allow LUKOIL to team up with Rosneft on offshore oil projects, LUKOIL head said.
"We are interested in it. We have held and are continuing our dialog with Rosneft on our participation. Today the difficulty is that the legislation, which allows companies to join shelf projects, limits our participation with just a small stake and the complex procedure for the transfer of licenses. Without license transfer it is very difficult to develop these projects and invest large funds for the long term," RIA Novosti quoted Mr. Alekperov as saying.
Mr. Alekperov also said that the oil company is considering some projects in a number of West African states.
Source: Port News
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