Looking for a specific product?

Make a search for products & suppliers, articles & news.

Statoil signs agreements for Russian offshore exploration

Statoil and Rosneft have signed Shareholder and Operating Agreements that will establish joint ventures for the four offshore Russian license areas.

These are  included in the Cooperation Agreement signed by the two companies on May 5, 2012.

The license areas in question are Perseevsky in the Barents Sea and Kashevarovsky, Lisyansky and Magadan 1 in the Sea of Okhotsk.

The agreements were signed in Stavanger on Thursday by Statoil CEO Helge Lund and Rosneft Chairman and President Igor Sechin. Their signing represents a significant step towards full implementation of the Statoil-Rosneft Cooperation Agreement.

The Shareholder and Operating Agreements are identical for the four license areas. Rosneft will have an equity share of 66.67% in each of the operating joint ventures and Statoil's share will be 33.33%.

Statoil will fund 100% of costs in the exploration phase, which includes an obligatory work program of six wildcat wells to be drilled during the period 2016-2021.

A fiscal reform package providing incentives for the development of Russian offshore , including through geological survey, was outlined in a Russian government decree of April 2012. Enactment and implementation of these measures will facilitate the conduct of more capital intensive exploration work.

The agreements also foresee the exchange of management and technical personnel between the companies and the building of competence in core E&P disciplines.

Associated companies:


Related news

Latest news

SAR Celebrates 2nd anniversary in Kuwait

SAR Celebrates 2nd anniversary of operation in Kuwait.

SAR AS Celebrates 30 years of operation!

The history of SAR goes 50 years back to the late 1960s with the company Septik Tank Co. 

Ready to conquer the world with Hansen Protection Helicopter pilot suits

In 2017, for the first time in the history of helicopter sport, the World Cup in Helicopter Races is going to be held. It is going to take place in 7 countries, and starts on Friday April 7th in Konakovo, Russia.

SeaBass Fisherman's Work / Flotation Suit

SeaBass is a waterproof, buoyant work suit for anyone working on or around water.

Improved Surface Rescue Preparedness can Save Lives

A significant part of the Norwegian fire and rescue services lack good apparel for use in surface rescue operations. This can mean the loss of valuable time in rescue operations in water, and experts now call for a change ...

Historical contract for Norwater AS!

The excitement was at its height at Norwater AS in Høylandsbygd on Wednesday last week. The company signed its biggest contract in history, in strong competition with both Norwegian and foreign competitors. The order book ...

Export Credit Norway Finances Production of Ready-to-use Therapeutic Foods in South Africa

Since being founded in 1948, the Norwegian company GC Rieber Compact has developed into a leading supplier of ready-to-use therapeutic foods to customers such as Doctors Without Borders, the Red Cross, the World Food Progr...

Peru Corporate Day

On 26th September, Oslo Chamber of Commerce will for the first time receive a technological business delegation from Peru to Norway, led by PROMPERÚ.

New contract for delivery of Servogear CPP

The Servogear installation includes CPP propellers,