BP Moves To Begin Drilling For Oil In The Sakha Republic In Siberia

The Sakha Republic of Siberia is inhabited by the Yakut people and is a land said to have great untapped reserves of oil, gas, and many other treasures. According to a recent report, British Petroleum is going to begin drilling for oil in the region as part of a joint project with Rosneft, the Russian state oil company according to a report:

London-based multinational oil and gas company BP and Russian energy giant Rosneft agreed in September 2018 to jointly develop two additional oil and gas sites in the Russian republic of Sakha (Yakutia), BP said in their annual report issued on Tuesday.

“In September Rosneft and BP agreed to jointly explore two additional oil and gas licence areas located in the Sakha (Yakutia) republic of the Russian Federation,” the report said.

According to the report, BP completed the initial closing of the deal with Yermak Neftegaz LLC, a joint venture owned by Rosneft, which has a 51 percent stake, and BP with a 49 percent stake, in December, acquiring a subsidiary company from Rosneft.

The transfer of licenses to the subsidiary is expected in 2019. (source, source)