OAO Rosneft, Russia' largest oil producer, said it is looking for additional partnerships with global oil giants to boost production at various offshore projects in Russia. Russia, one of the world's top oil producers, currently depends on offshore production for just 3% of its total output.
Earlier this year, Rosneft and BP (BP), Europe's second-largest oil company, announced a $16 billion share swap that saw Rosneft acquire a 5% interest in the British company. The two companies will partner to explore for oil in three blocks of the Russian area of the Arctic Circle.
Rosneft also maintains a partnership with Dow component Exxon Mobil (XOM), the largest U.S. oil company, to explore for oil and natural gas deposits in the Black Sea. Rosneft said those types of partnerships are just the beginning for the company, the Associated Press reported.
Russia's offshore exploration areas are estimated to hold 23 billion barrels of reserves, according to the AP.