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Rosneft, based in Russia, has signed a cooperation agreement with Italy’s Eni to jointly develop Russian offshore energy deposits in the Barents Sea and the Black Sea.
The cooperation agreement calls for the creation of a joint venture to explore the Fedynsky and Central Barents fields in the Barents Sea and the Western Chernomorsky field in the Black Sea.
Under the terms of the deal, state-controlled Rosneft will also get access to Eni’s international projects in North Africa, and later in other parts of the world.
Eni chief executive, Paolo Scaroni, said: "We plan to work with Russia for many years. This was the last brick in the road to becoming Russia’s top partner for energy."
Rosneft president, Eduard Khudainatov, said: "I am confident that our partnership will lead to growth of our resource base and the capitalisation of both companies."
Eni will invest $2bn to gain a 33.33% stake in the project, which has total recoverable reserves of 36 billion barrels of oil equivalent.
Rosneft said the development would cost the companies more than $100bn in total.
Image: Rosneft Italy’s Eni will explore fields in Barents and Black Sea blocks. Photo: Rosneft.