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

Rosneft, Statoil Push Forward With Shale Oil Plans
10.12.2013 17:43
Rosneft, Statoil Push Forward With Shale Oil Plans
Photo Credit: http://pbn-hkstrategies.com

Rosneft and Statoil are moving forward in the development of the Domanik shale formation by signing a deal to set up a joint venture, reads the official statement.

      The heads of the two oil giants met to ink the Shareholders and Operating Agreement to explore the feasibility of the project.

      The document was signed by Igor Sechin, Rosneft CEO, and Helge Lund, Statoil CEO.

      According to the press release, it’s a second major document on shale oil cooperation signed by the two companies this year.

      ‘Participation of a reliable partner like Statoil and the use of state-of-the-art technologies will help us accelerate the launch of hard-to-recover reserves development which in the future will be positively reflected in Rosneft financial statements and will increase its shareholder value,’ said Mr Sechin.

      ‘Today’s agreement demonstrates the two parties’ commitment to jointly move forward in an attempt to unlock the hydrocarbon potential of Domanik shale formation. If successful we believe this could be a world class shale oil asset’, said Statoil CEO Helge Lund.

      The newly founded joint venture is expected to run a three-year pilot programme to assess the potential for commercial production. The JV will be established with equity interests of 51% for Rosneft and 49% for Statoil.

      In accordance with the agreement, Statoil will provide carry-based funding to perform the pilot survey programme in 12 license blocks. The pilot programme will include data acquisition, drilling and hydraulic fracturing of pilot wells. Upon completion of the pilot programme, Rosneft and Statoil will jointly select license blocks in the Samara region for commercial development.

      Rosneft has become the world's leading publicly traded oil producer after it took over BP's Russian venture TNK-BP for $55 billion in March 2013. Rosneft has a vast and high-quality reserve base, with total proved hydrocarbon reserves of 22.8 bln barrels of oil equivalent – among the best indicators for a global publicly traded oil and gas company. The company’s proved reserve-to-production ratio is 25 years.

       




Author: Mikhail Vesely

Tags: Rosneft Igor Sechin Russian oil Russian oil and gas companies  

Next Previous


You might also find interesting:

The First Loan Secured by Intellectual Property in Russia was Issued to a Skolkovo Resident
07.09.2020
Research: the Share of Creative Industries in Russia's GDP is Higher than the World Average
16.09.2020
Quarters of Russian Shopping Centers Threatened with Closure
15.07.2020
Russian Measures to Support the Sectors Most Affected by Coronavirus
07.04.2020
The Tula Devar Startup has been Included in the Ranking of the Most Promising VR/AR Projects of the Year
05.03.2020



comments powered by Disqus




Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share


TAGS:
Tourist maps  Genesis  Russian tourism  Fabio Capello  Russian Museum  Novosibirsk  Russian Astronauts  poll  culture  astronomy  Nenets Autonomous Area  Russian Photographers  St. Petersburg  Kathleen Ferrier  Festivals in Moscow  Transaero  Russian regions  Theatre Festivals  Sochi Olympic Games 2014  Winter Palace  Alexander Greenberg  Olympic Truce Wall  Moscow  Exhibitions in Moscow  Serpukhov  Bell Ringing  Russian Cinema  Russian photography  Mercedes-Benz Fashion Week Russia  Altai  Censorship  Russian Easter  small business in Russia  Pharmaceutical Garden  Russian cities  Opera Awards  Kolomenskoye  ecology  Rostov-on-Don  Tsaritsyno State museum  Roman Abramovich  Tikhvin  Jan Svankmajer  Russian academy of sciences  LGBT in Russia  travel to Russia  Film Distribution  Medical Research  Russian business  Shadows 


Travel Blogs
Top Traveling Sites