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MOSCOW Nov 24 (Reuters) - Rosneft (ROSN.MM: Quote), Russia's top oil producer, and China National Petroleum Corp are looking into joint exploration of Russia's Arctic offshore hydrocarbon deposits, Russia's top energy official said on Wednesday.

According to Interfax news agency, Igor Sechin, who also chairs Rosneft, said the companies were studying the possibility of working together in the Okhotsk Sea, near the Far Eastern city of Magadan.

He also said that the joint venture, Vostok Energy, may acquire mid-sized and smaller upstream oil assets in Eastern Siberia.

"A possibility of CNPC participation in the Magadan offshore is under discussion," he was quoted as saying.

Russia, the world's largest crude exporter, and China, a leading energy consumer, are expanding their oil and gas relations. Russia is due to start exporting crude to China next year via the new East Siberian-Pacific Ocean pipeline.

(Reporting by Vladimir Soldatkin; editing by William Hardy)

http://af.reuters.com/article/energyOilNews/idAFLDE6AN0AW20101124

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Does that indicate Russia will join hands with China to step in the Arctic resources game?
 
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