Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Norwegian Statoil to exploit Russian offshore fields with Rosneft
8.05.2012 13:56
Norwegian Statoil to exploit Russian offshore fields with Rosneft

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.






Author: Irina Fomina

Tags: Russian oil companies     

Next Previous

You might also find interesting:

Vkusvill Stores will Pour Water Free of Charge to Combat Disposable Bottles
More than a Third of Russian Companies will not Survive Second Quarantine
Research: the Share of Creative Industries in Russia's GDP is Higher than the World Average
Yandex Acquires the Parent Company of Tinkoff Bank
25% of Russian Companies are on the Verge of Bankruptcy

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

economic crisis  Kolomenskoye  Miroslav Gasidlo  contemporary art  Russian tourism  Mercedes-Benz Fashion Week Russia  Big Animation Festival  sports in Moscow  Auctions  health  Yandex  smart society  Russian sports  Khabarovsk  Film Distribution  society  State History Museum  Lilya Brik  Russian Wrap Masters Cup   Exhibitions in Moscow  Russian exhibitions  Komi Republic  Leo Tolstoy  Russian spies  Russian Cinema  corruption in Russia  Leningrad Zoo  Moscow  Russian Metro  Veliky Novgorod  travel to Russia  Festivals in Moscow  music  North Caucasus  Ivanovo Oblast  Republic of Tatarstan  Anna Politkovskaya  Organ Concerts  elections in Russia  Arkhangelskoye  Kseniya Boguslavskaya  Dankov  Bolshoi Theatre  Yeisk  criminal  St. Petersburg  Tolbachek Volcano  Trans-Siberian railway stops  Russian business  Russian regions 

Travel Blogs
Top Traveling Sites