Gazprom and Lukoil are to create a JV for work on the shelf of the Barents Sea.

LUKOIL and Gazprom plan to create a joint venture for the work on the shelf of the Barents Sea by the end of the year –LUKOIL President Vagit Alekperov stated on the sidelines of the XXI World petroleum council.

“We have defined the exact project in our agreement” – Interfax quotes him.

The companies will make joint geological exploration and further, in case of new field discovery, joint exploitation.