Statoil signs agreements for Russian offshore exploration - Norway Exports

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

Servogear propulsion technology enable sustainable Arctic cruises

We are really happy to have Servogear on board,

Students develop "health check" to prevent cyberattacks

It is very rewarding working with cyber security,

DOF Subsea contract awards

DOF Subsea has been awarded a contract in the Atlantic region...

Invitation to Elkem’s second quarter and half year 2018 results presentation

The company will host a presentation at 8.00 a.m. 

DNV GL checks technical and financial risks of three Norwegian wind farms totaling 294 MW

Working alongside Norwegian developer Norsk Vind...

Sperre AS on National Geographic

Last autumn, National Geographic was on Lake Tinn in Norway...

DNV GL secures Shell Penguins contract

The Penguins field is in 165 metres (541 feet) of water,

DNV GL helps Borealis to realise ambitious energy targets by cutting over 360,000 tons of CO2 annually

Over the course of four years, 

Kickstart your autumn with «The AKVAculture Day”

The event, which takes place in BI’s facilities at Marineholmen in Bergen,