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Now Norwegians have its Share in Sakhalin Oil
17.07.2007 14:39
Now Norwegians have its Share in Sakhalin Oil

Norwegian oil company Statoil has signed a cooperation agreement with Gazprom Neft. The agreement could prepare the ground for new Norwegian-Russian initiatives in the Barents Sea.
      The agreement states that a joint working group is to start evaluating possible joint exploitation and production projects in Russia and overseas. According to press releases from Statoil and Gazprom Neft, the agreement is based on a Memorandum of Understanding signed by the parts in April this year.
      Gazprom Neft, the gas major Gazproms oil subsidiary, is the fastest growing oil company in Russia. The company is based on the Sibneft company, the majority of which was bought by Gazprom from Roman Abramovich in 2005. The company's main production units are located in Western Siberia. The company has not previously been engaged in offshore exploration or production.
      Both Norwegian Statoil and European and American oil companies are interested in offshore exploitation in Russia. In July Gasprom signed an agreement with Frech Total for joint exploitation of Shtokman field.


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