By Justin Scheck 

BP PLC is negotiating a deal with Kremlin-controlled oil giant OAO Rosneft that could give it a percentage of an Eastern Siberia field believed to have large petroleum reserves, according to a person familiar with the matter.

The talks for the U.K. oil and gas company to acquire a stake in the Taas-Yuriakh field come at a time when Western sanctions--imposed in response to Russia's role in Ukraine-- prohibit companies from exporting technology for tapping shale and arctic reserves to Russia. The proposed deal would likely not be subject to any such sanctions.

BP already owns nearly 20% of Rosneft, which has been under pressure due to the sanctions and oil prices that have fallen by more than 40% since June. It isn't yet clear how that pressure will affect BP's income from Rosneft, which paid BP a dividend of close to $700 million this year. Rosneft declined to comment. The talks were first reported by Kommersant.

Alexander Kolyandr contributed to this article

Write to Justin Scheck at justin.scheck@wsj.com

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