Russia's state-owned oil company Rosneft considers exploring eastern Arctic offshore drilling with partners from China such as CNPC, CNOOC, Sinopec, as well as unnamed Indian companies, Rosneft's leader says

Rachel Carter

LOS ANGELES , March 17, 2011 (Industry Intelligence) – OAO Rosneft, the largest oil company in Russia, is mulling possible partnerships with Chinese and Indian oil companies in order to explore offshore oil drilling potential in the eastern Arctic, said company CEO Eduard Khudainatov on Wednesday, reported Reuters on March 16.

Among the companies that Khudainatov named as possible partners were China National Petroleum Corp., CNOOC Ltd. and China Petroleum & Chemical Corp. (Sinopec Group), which are all based in China. He did not identify possible partners in India, however.

By Oct. 1, Rosneft is expected to set up a joint-venture with ExxonMobil Corp., said Khudainatov. Rosneft, which is state-run, has agreed to partner with ExxonMobil on a project in the Black Sea, Reuters reported.

Rosneft also entered into an agreement this year with the U.K.’s BP PLC, for an offshore alliance in the Arctic.

The primary source of this article is Reuters, London, England, on March 16, 2011.

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