Russia wants foreigners to tap offshore oil and gas

Russia wants foreign companies to help develop its massive offshore oil and gas reserves as domestic firms lack the means to do so alone, Natural Resources Deputy Minister Sergei Donskoi said.

His comments on Tuesday echoed earlier statements by his chief, minister Yuri Trutnev, who in July said Russia should consider changes to legislation limiting foreign companies’ participation in tapping mineral reserves.
Russian Prime Minister Vladimir Putin in June offered surprise deals to Royal Dutch Shell and France’s Total which analysts said signalled the easing of resource nationalism.

“There is a question, can (Russian) companies fulfil the large-scale task of offshore development on their own? It should be admitted that these companies don’t have enough strength and money to work out these tasks,” Donskoi said on Tuesday.

Reuters