Norwegian-Russian oil and gas exploration

Russian Roseneft and Norwegian Statoil have signed agreements resulting in a joint venture to explore offshore areas in the Sea of Okhotsk and in the Barents Sea.

Helge Lund, CEO of Statoil, and Igor Sechin, Chairman of Rosneft, signed the agreement marking another step forward in the cooperation which was signed on May 5th 2012 between the two companies.

A letter of intent has also been signed for the exploration of shale oil opportunities in the Samara region.

- Cooperation on exploration on the shelf constitutes the cornerstone of the broader cooperation between Statoil and Rosneft. The combined expertise of the two companies will enable future exploration in frontier areas, and we look forward to working together on these projects. These opportunities are in line with our strategy of exploration in areas with high potential through early access to a large scale in new areas, said Statoil CEO Helge Lund.

"We are glad to mark the progress in our cooperation with Statoil in Russian offshore projects covering an acreage of 102,000 square kilometres. It is our strong conviction that signing today's agreement for tight oil will allow us and our partner to efficiently develop the promising hard to recover reserves in the Samara region," said Igor Sechin, chairman of the Management Board and president at Rosneft.

Statoil will have an equity share of 33.33% and Rosneft 66.67% in each of the operating companies established to explore the offshore licenses.

Russian Roseneft and Norwegian Statoil have signed agreements resulting in a joint venture to explore offshore areas in the Sea of Okhotsk and in the Barents Sea.

Helge Lund, CEO of Statoil, and Igor Sechin, Chairman of Rosneft, signed the agreement marking another step forward in the cooperation which was signed on May 5th 2012 between the two companies.

A letter of intent has also been signed for the exploration of shale oil opportunities in the Samara region.

- Cooperation on exploration on the shelf constitutes the cornerstone of the broader cooperation between Statoil and Rosneft. The combined expertise of the two companies will enable future exploration in frontier areas, and we look forward to working together on these projects. These opportunities are in line with our strategy of exploration in areas with high potential through early access to a large scale in new areas, said Statoil CEO Helge Lund.

"We are glad to mark the progress in our cooperation with Statoil in Russian offshore projects covering an acreage of 102,000 square kilometres. It is our strong conviction that signing today's agreement for tight oil will allow us and our partner to efficiently develop the promising hard to recover reserves in the Samara region," said Igor Sechin, chairman of the Management Board and president at Rosneft.

Statoil will have an equity share of 33.33% and Rosneft 66.67% in each of the operating companies established to explore the offshore licenses.

 

To read the full press release, please visit the Statoil website.

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