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Russia-Norway Arctic exploration contract signed

08th May 2012

Rosneft signs Arctic exploration agreement with third company in one month

Rosneft have partnered with companies from Italy, US and Norway as part of their push to exploit the Arctic's hidden hydrocarbon reserves

Rosneft and Statoil have agreed to jointly explore Russian and Norwegian sections of Barents Sea and Sea of Okhotsk

The pact follows deals to explore the region already made this year between the Russian energy giant and Italian and US energy companies, ENI and Exxon Mobil.

The agreement 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.

Both companies will also 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 per cent stake in the project.

Under the agreement Rosneft will have the 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.

They will also conduct joint research to identify effective approaches to developing deposits with hard-to-recover oil and gas reserves such as oil shale deposits at the Khadumsky formation in the Stavropol territory and highly viscous oil located below the gas cap at the Severo-Komsomolsky field in the Yamalo-Nenets autonomous district). The companies plan to jointly develop the deposits if commercial reserves are discovered.

Rosneft and Statoil also announced intentions to place orders with Russian shipyards for the construction of ice-class vessels and drilling platforms.

Rosneft President Eduard Khudainatov said the partnership “will contribute significantly to the development of economic relations between Russia and Norway, signifying a new era of unprecedented levels of trust

“The willingness of our overseas partners to develop Russian fields speaks both of the attractiveness and openness of the Russian market. Access for a Russian company to promising international projects will form the foundations for new relationships in the global oil and gas industry.”

Statoil CEO Helge Lund said: “This cooperation agreement is an important milestone in Statoil’s exploration activity in Russia…By building on both companies’ competence and experience, this agreement is a significant step further in the industrial development of the Northern areas.”

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