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Russia and China Announce Joint Oil-Exploration Venture in Siberia Russia and China Announce Joint Oil-Exploration Venture in Siberia

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Russia and China Announce Joint Oil-Exploration Venture in Siberia

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An oil well in Siberia.(STR/AFP/Getty Images)

Russian national oil company OAO Rosneft announced Friday that it will partner with China National Petroleum to explore and develop an oil field in eastern Siberia, The Wall Street Journal reports.

"The oil produced will be used to meet the energy demand in eastern Russia and then exported to China and other Asia-Pacific countries through the Russia-China crude pipeline," CNPC said in a statement, calling the joint-venture a "breakthrough reached by the two sides in upstream cooperation."

 

The move signals a shift in Russia's stance toward cooperation with China in the field of oil production and exploration. Russia has previously been reluctant to grant Chinese investors a stake in its national oil fields. North American shale-gas reserves have decreased demand for Russian oil and natural gas, however, and forced the country to look for new ways to grow the market for its vast energy reserves.

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