According to BP, the two companies will create a joint venture to be based at Taas-Yuriyakhneftegazdobycha.

The new joint venture will continue development of the Middle Botuobinskoye oil and gas condensate field — Taas-Yuriyakhneftegazdobycha’s major asset — which has recoverable reserves of 1.2 billion barrels of oil and 181 billion cubic metres of gas.

It currently produces about 18,000 barrels of oil per day.

The venture will also develop infrastructure for further exploration and development of the region’s reserves, BP said.