Rosneft and Statoil signed a cooperation agreement to jointly explore offshore fields in the Russian sections of the Barents Sea and Sea of Okhotsk. The agreement also covers Rosneft’s participation in the exploration of license blocks in the Norwegian part of the Barents Sea, as well as the possible acquisition by Rosneft of interests in Statoil’s international projects.

The agreement, signed by Rosneft President Eduard Khudainatov and Statoil CEO Helge Lund, envisages cooperation between the companies in setting up a joint venture to explore the Perseevsky license block in the Barents Sea and three blocks in the Sea of Okhotsk, namely Magadan 1, Lisyansky and Kashevarovsky. Statoil will hold a 33.33% stake in the project.

      

      Pursuant to the final agreements Statoil will fully finance geological exploration work at these blocks in line with approved programmes. It is agreed that Statoil will reimburse historical expenses incurred by Rosneft, as well as 33.3% of expenses incurred by the Russian company during the course of license acquisition. Furthermore, the agreement provides for the possibility of one-off bonuses to be paid by Statoil to Rosneft for each commercial oil and gas discovery in accordance with the conditions of the final agreements.

Under the agreement Rosneft will have the unique opportunity to acquire stakes in Statoil’s exploration and development projects and assets at blocks in the North Sea, as well as in the Norwegian section of the Barents Sea.

      

      Partnership between Rosneft and Statoil will contribute significantly to the development of economic relations between Russia and Norway, signifying a new era of unprecedented levels of trust.

      

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