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Gazprom, Shell, reach deal on Arctic Shelf

April 9, 2013 at 7:41 AM

AMSTERDAM, Netherlands, April 9 (UPI) -- Russian gas giant Gazprom and Royal Dutch Shell in Amsterdam have signed a memorandum of understanding that outlines joint exploration of the Russian Arctic.

RIA Novosti reported Tuesday Royal Dutch Shell also signed a tentative agreement with Gazprom Neft, which is Gazprom's oil division.

That deal outlines a cooperative effort for shale oil exploration and development in Russia, most of which is in West Siberia in deposits more than a mile underground.

The deals were signed following a meeting in Amsterdam between Russian President Vladimir Putin and Dutch Prime Minister Mark Rutte, RIA Novosti reported.

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