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Home News Shell chief holds Arctic talks in Russia

Shell chief holds Arctic talks in Russia

Published on 25/05/2011

Russia's energy czar Igor Sechin met Wednesday with Shell chief executive Peter Voser as the Anglo-Dutch firm tried to muscle in on an Arctic oil development project that was held until this month by BP.

The Russian government website said the meeting focused on Shell’s current projects off Sakhalin Island and the potential development of northern oil fields held by state-held oil giant Rosneft.

“The negotiations touched on prospective long-term cooperation in geological exploration and the development of oil and gas resources around the Arctic shelf and the Back Sea,” the Russian government statement said.

Ronseft last week announced broke off a $16 billion share swap agreement with BP that included a joint Arctic development project involving the British firm’s Russian joint venture.

But Rosneft refused to work with the half-Russian firm and both companies failed in their effort to buy out BP’s local partners.

Rosneft has since said it was ready to work with BP again but also admitted to looking into other Arctic exploration options.