Russia's Rosneft (RNFTF.PK) and Japan's Inpex (IPXHF.PK) are set to sign an accord on joint development of offshore oil resources near Magadan in the Sea of Okhotsk in Russia's far east. The agreement reportedly will cover the Magadan-2 and Magadan-3 fields, which has estimated oil reserves of 3.4B barrels.
Abu Dhabi’s state oil company is under pressure to take a quick decision on which foreign companies will get concessions in one of the few major oil producing areas in the Persian Gulf where international companies are still allowed to hold an equity interest. Prequalified companies are BP, XOM, RDS.A, TOT, STO,OXY, E, PTR, OJSCY.OB, Inpex, Korea National Oil.
Russia is said to be considering an increase in dividends paid by state-run companies to 35% of profit to boost budget revenue. The move could prove a boon for shareholders of Gazprom (OGZPY.PK) and Rosneft (OJSCY.OB), particularly considering the stocks' weak performances in recent years.