By Ed Crooks, Energy Editor: Published: November 22 2006 20:47 | Last updated: November 22 2006 20:47
BP has agreed a deal with Rosneft, Russia’s biggest oil company, to expand their joint venture that is exploring off Sakhalin Island in the far east of the country.
The two companies planned to invest $700m (£366m) in the area, they said in a statement.
BP, which bought a $1bn stake in Rosneft when it floated in London earlier this year, is paying for the exploration activity, including the planned drilling of six wells.