Richard Spiesí Speech Ìbp and Development of Russian offshore Oil & Gas Potentialî (at the International Oil Forum Ìoil of Russia:the Present and the Futureî November 16, Moscow

Published: 2021-06-29 06:56:00
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OUTLINE OF RICHARD SPIESí SPEECH ìBP AND DEVELOPMENT OF RUSSIAN
OFFSHORE OIL & GAS POTENTIALî (AT THE INTERNATIONAL OIL FORUM
ìOIL OF RUSSIA:THE PRESENT AND THE FUTUREî NOVEMBER 16, MOSCOW)
BP IN RUSSIA
The BP Group is an energy company that operates across six continents and employs
around 96 000 people worldwide. Our products and services are available in over than
100 countries and we conduct exploration and production of oil & gas in 26 countries.
BP is a reliable partner of Russia and has made Russia a key element of the
corporationís long-term growth strategy, and has invested and conducted business here
over 15 years.
Our growing commitment to Russia is guided by our Groupís values - BP is progressive,
performance-driven and innovative, as well as environmentally conscious. It is also built
around specific promises and we made production growth, technology transfer, and a
belief in the importance of strong corporate governance and corporate citizenship.
In Russia we do business with Russian private and state companies, jointly developing
oil & gas projects and establishing strong local energy companies. These Russian
companies operate within the conventional legal and fiscal framework (that is to say, not
under PSAs). And they play an important role in bringing material benefits to this
country and its people ñ this is an example of how the principle of mutual advantage,
which is central to BPís values, is applied in Russia.
You will be familiar with TNK-BP, where BP owns 50 % stake.
But today I would like to speak about our other joint venture in Russia. Our activities in
Sakhalin are important elements of BPís growth plans. They are prospective rather than
actual developments. But BP is very excited by the potential of this area.
I was recently given the responsibility for managing all BPís offshore projects in Russia.
I am delighted to have this opportunity ñ and it is a great challenge as well as a
wonderful opportunity as there is huge oil and gas development potential in the Russian
offshore ñ for example in Sakhalin, where we are active through our partnership with
Rosneft.
ELVARY NEFTEGAZ is our joint venture with Rosneft in SAKHALIN, which is
carrying out exploration work in the Sea of Okhotsk, north of the island. Rosneft has
51% of the joint venture and BP 49%.

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