Rosneft President Igor Sechin and Vice President of Weatherford International plc. for Russia Lance Marklinger signed an agreement for the acquisition of Rosneft land drilling and workover assets of Weatherford in Russia and Venezuela.

The agreement envisages the acquisition of 8 companies (part of the Weatherford group) involved in drilling operations in Russia and Venezuela. The document also envisages the development of long-term cooperation in oil field services between Rosneft and Weatherford. The closing of the transaction is subject to, among other things, to corporate and state regulatory approvals and is expected to close in the third quarter of 2014.

Tags: Rosneft, Weatherford International Ltd