Europe’s biggest oil groups are extending businessdeals with their Russian energy partners despite thismonth’s EU vote to continue imposing sanctions,highlighting how western companies are learning tolive with the restrictions placed on Moscow.
BP is close to agreeing a deal to acquire a 20 percent stake in a Siberian oilfield from state-ownedRosneft that could be worth $700m, people familiarwith the matter told the Financial Times, while Italy’s Eni and Statoil of Norway have receivedapproval from European capitals to continue work on their joint ventures with Rosneft.
Shell is also still working on its Salym joint venture with Gazprom Neft, the oil arm of theRussian gas group, and has applied for approval from the Dutch government for otherprojects.
The moves come as the St Petersburg international economic forum, Russia’s answer to Davos,takes place this week under a rather different mood from last year when sanctions were firstimposed. This year there is a more positive atmosphere as international companies try to workaround the sanctions with their Russian partners.
The expanding co-operation between Europe’s oil majors and the Russians demonstrates agrowing divide between Europe and the US. Washington has blocked all co-operation withRussia in Arctic, deepwater and shale oil, meaning that ExxonMobil’s 10 joint ventures withRosneft remain frozen. But the EU sanctions, which allow companies with pre-existing contractsto continue, enable the European groups even to expand their activities in Russia.