Norway's Statoil and Russia's Rosneft have signed the Shareholders and Operating Agreement for a joint venture to assess the feasibility of commercial production from the Domanik shale formation.
The document was signed by Igor Sechin, President of Rosneft,and Helge Lund, Statoil CEO. Statoil says this is another significant step forward following the Heads of Agreement for shale oil cooperation signed in June this year.
"Today’s agreement demonstrates the two parties’ commitment to jointly move forward in an attempt to unlock the hydrocarbon potential of the Domanik shale formation. If successful, we believe this could be a world class shale oil asset,” says Lund.
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(Image: Statoil CEO Helge Lund (left) and Igor Sechin, Rosneft President and Chairman of the Management Board. (Photo: Harald Pettersen/Statoil 2011)