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Offshore Oil Talks Abound

Rosneft is in talks with Italy's Eni to jointly develop the Black Sea Val Shatskogo deposit, Kommersant reported Tuesday.

The newspaper cited a letter from Deputy Prime Minister Igor Sechin to President-elect Vladimir Putin that outlined the talks.

Kommersant cited other government sources as saying talks are also underway with Chinese companies and Norway's Statoil over joint work offshore. Putin, who returns to the Kremlin on May 7 after winning a March 4 election, has pledged various tax-relief measures for offshore development. Russia's offshore oil and gas reserves are estimated at 100 billion tons of oil equivalents.

(Reuters)

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