Under the accord, Rosneft will have a 74.9 percent stake and Sinopec 25.1 percent, the Itar-Tass news agency reported on Thursday, March 29.

Reserves of the Venin deposit were estimated at 169.4 million tons of oil and 258.1 billion cubic meters of gas.

The Venin shelf in the Sea of Okhotsk covers an area of 5,300 square kilometers, with six promising sites having been uncovered.

Rosneft and Sinopec signed an agreement on Aug. 30, 2005, on interim financing, and investment in the project amounted to $69.8 million on Jan. 1, 2007.

PIN/MOSNEWS