Support The Moscow Times!

Shell Looks for Partnership With Rosneft

DAVOS, Switzerland — Peter Voser, chief executive of Royal Dutch Shell, said he’s looking at a partnership with Rosneft to hunt for oil reserves.

“We are talking about potential exploration” together, Voser said Friday in Davos, Switzerland. “Partnership with national oil companies is part of our business model.”

Shell, ExxonMobil and BP are teaming up with government-controlled companies in oil-rich countries to gain access to resources. Rosneft, Russia’s biggest energy company, this month agreed to swap $8 billion in shares with BP and explore Russia’s Kara Sea.

The challenge for producers is to expand output enough to meet global energy demand, which is likely to increase 50 percent by 2030 and double by 2050, Voser said.

Shell’s projects are designed to be profitable with an oil price between $50 and $90 a barrel, he said. The company last year agreed to expand cooperation with Gazprom, both inside and outside of Russia.

Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.