Rosneft and BP also affirmed mutual interest in European gas market cooperation.
"Rosneft and BP have signed today an agreement on strategic cooperation in gas and a Memorandum of Understanding (MoU) in respect to the sale and purchase of natural gas in Europe," the Russian company said in a statement.
The two firms agreed to pursue integrated gas cooperation and jointly implement exploration and production, liquefied natural gas (LNG) production, supply and marketing work in Russia and abroad. Rosneft and BP also affirmed mutual interest in European gas market cooperation.
"According to the MoU, Rosneft and BP’s wholly-owned subsidiary BP Gas Marketing Limited will enter into a long-term sales and purchase agreement for the supply of natural gas produced by Rosneft in order to ensure delivery of additional Russian gas supplies to European markets starting from 2019," the statement reads.
SPIEF, held in Russia's second largest city of St. Petersburg between Thursday and Saturday, is a major global platform for communication between business representatives and discussion of crucial economic issues. Sputnik is an official media partner of SPIEF.