By Olesya Astakhova and Ron Bousso
MOSCOW/LONDON, Sept 26 (Reuters) - Royal Dutch Shellis in talks to buy a stake in an oil and gas projectfrom Gazprom Neft, three sources familiar with thediscussions told Reuters, a rare foray into Russia's energysector by a Western oil major since sanctions were imposed.
The sources said Shell is negotiating with state-controlledGazprom Neft, Russia's third-largest oil producer, aboutacquiring a stake in the onshore Tazovskiy project in thecountry's northern Yamal region.
Shell declined to comment. Gazprom Neft did not reply to aReuters request for comment.
The project, first discovered in 1962, has initial resourcesof 438 million tonnes of oil (3.2 billion barrels) and 186billion cubic metres of gas, according to Gazprom Neft'swebsite.
It is not a major field: when production reaches itsprojected peak of 2 million tonnes a year, that will account foronly 3 percent of Gazprom Neft's current oil production.
But the deal - if it goes ahead - would mark a return forShell to making new investments in Russia, one of the world'sbiggest oil producers which has been under Western sanctionssince 2014 because of its role in the Ukraine crisis.
Western oil majors, including U.S. giant ExxonMobil,were planning new projects in Russia before the sanctions,banking on the country's vast and relatively cheap energyresources coupled with stable politics.
Since 2014, when Russia annexed Ukraine's Crimea region andbacked separatist rebels in eastern Ukraine, many Westerncompanies have suspended or quit new projects, while mainlyfocusing on their existing investments.
One of the three sources said Shell is interested inacquiring around 50 percent of the Tazovskiy project. The aim isto conclude the deal by the year-end, the source said.
"For Gazprom Neft, it's a chance to raise quick money, whilefor Shell - to get cheap reserves," said the source, who spokeon condition of anonymity.
PARTNERSHIP
Gazprom Neft and Shell are partners in western Siberia'sSalym Petroleum project, which produces 120,000 barrels of oilper day.
Shell suspended some shale oil and gas projects followingthe introduction of Western sanctions on Moscow. Gazprom Neft issubject to the U.S. government's sectoral sanctions, which limitits ability to raise funds abroad.
It is not on the U.S. Treasury Department's SpeciallyDesignated Nationals list, which bars U.S. entities from doingbusiness with any firm on the list.
Under a separate set of sanctions, U.S. companies are barredfrom helping Gazprom Neft, along with other Russian oilcompanies, in developing Arctic offshore, shale oil anddeepwater projects.
Gazprom Neft plans to launch the Tazovskiy project in 2021,producing around 2 million tonnes of oil that year, according tothe company's website.
Tazovskiy is a conventional onshore oil project andtherefore should not fall under the restrictions on shale,deepwater and Arctic projects.(Writing by Katya Golubkova; Editing by Dale Hudson)