The possibility of a joint venture between the two companies came up after a Shell delegation participated in the meeting between Dutch PM Jan Peter Balkenende and Russian pPresident Vladimir Putin.
Shell has significant interests in Russia and it is reportedly looking to the massive Bovanenko field as its next big resource. Located in the Yamal peninsula, the oil field belongs to the West Siberian basin.
The basin is considered one of the world’s largest reserves of oil and gas. The Bovanenko field has potential gas reserves of 250 billion cubic meters a year.
Development of the field is expected to cost around E600 billion.
