Russia's oil major Rosneft and British oil giant British Petroleum agreed on joint shelf projects in Russia and other states, Prime Minister Vladimir Putin said on Friday, RİA Novosti reported.
"I know that your company and one of Russia's top oil firms, Rosneft, have reached serious agreements on joint shelf projects in Russia and third countries," Putin told BP management.
"The Russian government intends to create most favorable tax and administrative regime to develop the project."
Currently, Rosneft and BP jointly develop the Sakhalin shelf in Russia's Far East.
In 2006, the companies signed a memorandum to develop the Arctic shelf. However, they have not developed any projects there.