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Strategic cooperation between Rosneft and BP exceeds 20 years

27 December 2021

In 1996, the first BP gas station complex opened in Moscow. Currently, the brand's network has 129 stations located in Moscow and the Moscow region, in St. Petersburg, Pskov, in the Leningrad, Tver, Smolensk and Novgorod regions. The network operator is now Rosneft.

Today, the basis of strategic cooperation between Rosneft and BP is primarily joint production projects in Russia. The companies began active cooperation in this area in 1998.  In 2006, BP took part in the initial public offering of Rosneft shares and acquired 1.25% of the Company's shares. In 2013, as a result of Rosneft's purchase of TNK-BP, BP became the owner of a further 18.5% stake in the Company. Currently, BP is the largest private shareholder of Rosneft with a share of 19.75%, as well as the leading British investor in the Russian economy with a total investment of $18 billion.

Rosneft and BP have developed an integral format of cooperation, which, along with production projects, includes cooperation in such areas as trade in petroleum products, technology and digitalization, health and safety, environmental protection, as well as social programs and personnel training.

Since 2015, Rosneft and BP, together with Indian companies within the framework of Taas-Yuryakh Neftegazodobycha LLC, have been developing the Srednebotuobinskoye oil and gas condensate field in Eastern Siberia. The construction of the main facilities of the second stage of the field development has been completed. The level of production is 14 thousand tons per day. In 2020, 4.8 million tons of liquid hydrocarbons were produced.

Work continues on the development of the Kharampur and Festival license areas in Western Siberia as part of the Kharampurneftegaz project. In the near future, the company will begin production of natural gas from Cenomanian deposits, which will amount to 11 billion cubic meters at ramp up.

In addition, there is a joint geological exploration company "Yermak Neftegaz". This company is studying the subsoil of the Yenisei-Khatanga district and the north-west of Western Siberia. In November 2021, the State Commission on Reserves confirmed the discovery of a new gas condensate field of the Yermak Neftegaz project, which was named after the Hero of the Russian Federation Yevgeny Nikolaevich Zinichev.  The field's reserves are 384 billion cubic meters of gas.

The indicator of successful cooperation between Rosneft and BP is the Zohr gas field development project in Egypt, which was discovered in 2015 (Rosneft's share is 30%, BP is 10%, Eni is 50%, Mubadala Petroleum is 10%). The development of the field began in December 2017, and in August 2019, the design level of daily gas production of 76 million cubic meters was already reached.

Rosneft and BP are also working on the possibility of creating a joint venture to develop infrastructure for refueling vehicles with natural gas in the Russian Federation.

An important topic of cooperation between Rosneft and BP is the strategic partnership in the field of carbon management. The corresponding Agreement was signed by the parties in February 2021. Currently, the companies are identifying further opportunities to improve the reduction of greenhouse gas emissions.

Rosneft and BP are developing the latest design standards and evaluating the implementation of a number of low-carbon technologies at their joint ventures in Russia and are considering the possibility of implementing projects in the field of wind energy, energy efficiency, carbon capture and storage, as well as natural CO2 absorption. All this contributes to the implementation of low-carbon plans of both companies.

Rosneft and BP continue to cooperate in the supply of oil and petroleum products. Since 2018, Rosneft has supplied BP with 30 million tons of oil and petroleum products.

The companies are strategic partners in the German oil products market. Rosneft Deutschland continues to supply petroleum products to BP's filling network in Germany, as well as the main fuels for sale in the German market.

Rosneft Department of Information and Advertising
27 December 2021

These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information constitutes a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We do not undertake any obligation to update the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

Keywords: ESG