State-controlled Russian gas heavyweight Gazprom has reportedly agreed to enter into a contract to acquire gas produced by Rosneft Oil Company.

According to reports in the Russian press, the deal was announced by Gazprom CEO Alexey Miller and Rosneft president Sergey Bogdanchikov on Russian television channel NTV, which was, controversially, taken over by Gazprom in 2001.

As well as providing Gazprom with access to natural gas produced Rosneft, the agreement may also allow for further alliances between the two companies, including cooperation in developing offshore fields.