Royal Dutch Shell is poised for a fresh attempt at Arctic oil exploration through a deal with Russia’s Gazprom Neft, the Kremlin revealed on Thursday night.
By Emily Gosden: 7:54PM BST 04 Apr 2013The companies are preparing to sign an agreement that will cover joint offshore drilling in the Russian Arctic as well as shale oil projects onshore in Western Siberia, it said.
The agreement will be announced next week when Russian President Vladimir Putin visits the Netherlands, where the Anglo-Dutch company is headquartered.
Gazprom Neft is the majority-owned, oil-focused arm of gas giant Gazprom, which is in turn majority-owned by the Russian state.
The deal comes just weeks after Shell was forced to delay its high-profile exploration campaign in the Alaskan Arctic for another year after a series of setbacks blighted its campaign in 2012.