Shell's Fresh Arctic Oil Exploration Attempt

Shell to sign Russian Arctic deal with Gazprom Neft, Kremlin reveals.

The companies are preparing to sign an agreement that will cover joint offshore drilling in the Russian Arctic as well as shale oil projects onshore in Western Siberia, reports The Telegraph.

Gazprom Neft is the majority-owned, oil-focused arm of gas giant Gazprom, which is in turn majority-owned by the Russian state.

The deal comes just weeks after Shell was forced to delay its high-profile exploration campaign in the Alaskan Arctic for another year after a series of setbacks blighted its campaign in 2012.

Source: The Telegraph