A Review of the Nigerian Energy Industry

Rosneft to fight sanctions

13 October 2014, News Wires – Russia’s top oil producer Rosneft has turned to UK-certified lawyers in its fight against Ukraine-related Western sanctions which have hit the company’s output and prospects for its push to tap Arctic riches.

The Kremlin-controlled company has issued a £17.7 million ($28 million) tender seeking the services of UK-certified lawyers on a website which registers Russian state purchases and orders, Reuters reported.

Rosneft office

“Provider undertakes to render legal services with regard to challenging economic sanctions and to protect interests of the client in general in respect to any other legal matters,” the document said.

The amount of the work is set at 37,000 hours, making the fee £478 per hour.

BP owns a 19.75% stake in Rosneft, which due to the sanctions faces limits on its access to capital markets, curbing its ability to fund development work.

Last month,ExxonMobil said it had to wind down cooperation with Rosneft in the Arctic after successfully drilling a first exploration well and the discovery of a large oilfield..

– Upstream

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