BP is reportedly in talks to buy a direct stake in Taas-Yuriakh Neftegazodobycha, a Rosneft operated East Siberian oil producer.
The stake could be valued at between $700 million to $800 million, Russian newspaper Kommersant said.
The size of the stake has not been disclosed.
BP, a 20 percent stake holder in Rosneft, has been looking to acquire interests in Russian direct production ventures after unloading its half of the TNK-BP joint venture to Rosneft last year.
Neither BP nor Russia’s Rosneft have commented on the reports.
Tass-Yuriakh holds production licenses for the Central and Kurungsk blocks of the Srednebotuobinsk oil and gas condensate field.
Output from the field is projected to reach over 100,000 barrels per day, or 5 million tons per year, in 2017.
The field, located in Eastern Siberia, holds natural gas reserves of about 155 billion cubic meters.
Most of the field’s output will supply refineries in eastern Russia and China.