BP and Rosneft are eyeing a field development in northern Russia after the pair signed a deal covering two licence areas.

The UK supermajor and Russian state-controlled Rosneft penned the deal covering the Kharampurskoye and Festivalnoye areas in Yamal-Nenets autonomous region, Rosneft said on Thursday.

Rosneft has a 51% stake in the licence areas, with BP on 49%.

“The project envisages the development of the traditional gas reserves of the Cenomanian deposit, pilot production and subsequent full-scale development of the Turonian deposit as well as oil production optimisation and efficiency,” Rosneft said of the pair’s plans.