Rosneft (OTC:RNFTF) and its partners plan to invest 480B rubles ($8.4B) in developing Russia's offshore energy industry over the next five years, part of a bid to boost output from new areas, Reuters reports.
It is not known which partners would be involved in the investments; Rosneft has licenses for 55 offshore blocks in Russia's Arctic, Far East and southern regions, which are believed to contain oil and gas resources.
Rosneft reportedly plans to return to operations in the Arctic Karat Sea in 2019 but has not specified whether it would work alone or with a partner; a deal to work in the Karat Sea with Exxon Mobil (XOM -1.5%) was suspended in 2014 after sanctions were imposed.
Rosneft, XOM and others are partners in the Sakhalin 1 project off Russia's far east coast, and the Russian firm also has deals for offshore work with Norway's Statoil (STO -2.2%), Italy's Eni (E -0.9%) and others.
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