The unprecedented share-swap between the Russian and British oil giants Rosneft and BP signals that Russia is open to foreign investment, the International Energy Agency has said.
"It may signal the Russian government's realization that it requires cash flow, project management experience and technology from the majors," the IEA said in its Oil Market Report.
"This marks a significant change from the status quo, in which offshore areas are currently open only to state controlled Russian companies," the report said.
Russia is seeking new consortiums with foreign companies since 2005, when its oil exports started decreasing. Hydrocarbon resources of Russian shelves remain unexplored and have a key role in further increase in supplies, experts said.
"The deal may mark a more realistic attitude towards foreign investment in its hydrocarbons sector by the Russian government," the IEA said.
BP and Rosneft agreed a $16 billion share swap deal on January 14 under which Rosneft will give BP 9.5 % of its stock in exchange for 5% of BP. The two firms also agreed to jointly undertake exploration and production projects on the Russian Arctic shelf.
MOSCOW, February 10 (RIA Novosti)
