The Russian Government has agreed to split Russia’s offshore acreage between state champions Gazprom and Rosneft, with Gazprom getting the lion’s share, just as ordinary Russians are offered more stock in the gas giant.

The Russian Federation’s State Council late Thursday voted in favour of giving Gazprom access to the greatest reserves, while also proposing the Duma, or Russian Parliament, lift restrictions on who can own Gazprom shares.

The Council, or cabinet, also recommended foreign firms must be in Russia five years before gaining access to offshore acreage. They must also let the Russian taxpayer own 51 percent.

The reforms should pass by year-end, newspaper Kommersant reported, adding that ordinary Russians will be able to own up to 30 percent more of Gazprom and its businesses than today’s 20 percent. The move is expected to narrow the gap between Gazprom’s quoted share price in London and in St. Petersburg.

Tags: Gazprom, Rosneft