Russian petroleum major Rosneft has announced signing an agreements with Eni S.p.A. that aide the implementation of the cooperation pact that the two companies agreed to in April 2012.

Shareholder and operation agreements that were agreed by the companies have a provision to create a joint venture (JV) for the development of Russian offshore properties at license blocks in the Barents and Black Seas.

Central Barents, Fedynsky and Western Chernomorsky blocks are included in the scope of the agreement.

The JV to be set up by the respective subsidiaries of Rosneft and Eni will have a shareholding pattern of 66.67% held by Rosneft and 33.33% held by Eni.

Costs related to fulfilling license obligations will be met by Eni as well as 33.33% of license acquisition costs for each project.

Eni will also compensate Rosneft the major chunk of the historical exploration costs at Western Chernomorsky block.