Shell has teamed up with Russian oil giant Gazprom Neft to jointly develop licence blocks in the Yamal-Nenets region of Russia.
The agreement on establishment of a joint venture was signed at the St Petersburg International Economic Forum, Gazprom Neft said on Thursday.
"Gazprom Neft and Shell have signed all necessary legal documentation on a sale and purchase agreement for a 50% interest in the authorised share capital of Meretoyakhaneftegaz, creating a joint venture on that basis," the Russian company said.
