Statoil, Rosneft Sign Deal

Thursday, June 21, 2012

Statoil and Rosneft today signed agreements on joint bidding for exploration licenses in the Norwegian Barents Sea and on Joint Technical Evaluation covering two Russian onshore assets. This concludes the first implementation agreements envisaged in the strategic cooperation that the two companies entered into on 5 May, 2012.
The agreements were signed by Statoil CEO Helge Lund and Rosneft Chairman and President Igor Sechin at the World Economic Forum in St. Petersburg. Bilde
"These agreements show that Statoil and Rosneft are moving rapidly to implement the cooperation agreement signed on 5 May," says Statoil CEO Helge Lund.
"The speed with which we are proceeding reflects our joint commitment and determination to realize the potential of the strategic cooperation," he continues.
The agreement on exploration cooperation identifies an Area of Mutual Interest in the Norwegian Barents Sea for the 22nd Licensing Round. Statoil and Rosneft also agree to evaluate joint bidding in subsequent licensing rounds in the Norwegian Barents Sea.
Following the execution of this agreement, Rosneft will initiate the process to become pre-qualified as licensee on the Norwegian Continental Shelf.
"We are happy to see our cooperation – launched in May – develop so rapidly" says Rosneft President Igor Sechin 
"The documents signed today testify to a high level of mutual confidence between the two companies and great teamwork by their project groups. Our partnership gives Rosneft access to substantial resources in the Norwegian section of the Barents Sea while putting together accumulated expertise and cutting edge technologies of the two companies will ensure the efficient development of tight oil fields in Russia".
"The partnership between Rosneft and Statoil is an opportunity to give additional substance to the ambitions of both Norway and Russia to strengthen energy cooperation in the High North following last year's ratification of the agreement on delimitation of the continental shelf and economic zones in the Barents Sea" says Lund. 
The Joint Technical Evaluation Agreement covers 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.
If the parties see development of these fields as commercially viable they will set up an operating company with Rosneft and Statoil holding respectively 66.67% and 33.33% equity stakes. Statoil will cover all agreed expenditures of the technical studies, including seismic surveying and drilling of vertical and horizontal wells.
Following the signing of the agreements today, Statoil and Rosneft will now focus on how to structure the cooperation to explore the Perseevsky license block in the Russian Barents Sea and three blocks in the Sea of Okhotsk, namely Magadan 1, Lisyansky and Kashevarovsky.
The strategic cooperation agreement also envisages the acquisition by Rosneft of interests in selected Statoil international projects.
 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DNV-GL Approves Kongsberg Engine Room Simulators

Kongsberg Maritime has received DNV-GL certification for three of its latest engine room simulator models designed to provide in-depth training on the K-Sim Engine simulator platform.

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R.

Technology

KR Overhauls Hull Structure Software

IACS member classification society the Korean Register (KR) informs it has overhauled its SeaTrust-HullScan software package, a ship design support solution that analyzes and appraises a vessel’s.

Danish Ports Approve HullWiper

Authorities at the Danish ports of Copenhagen, Kalundborg and Fredricia have granted permission for GAC EnvironHull’s pioneering, diver-free, underwater HullWiper

Tony Abbott Guarantees Submarine Jobs

Prime Minister Tony Abbott has assured South Australians there will be more submarine jobs here even if he won’t commit to having a new fleet of vessels built there,

Offshore

Shell's Icebreaker Vessel Damaged in Alaska

Royal Dutch Shell Plc's  icebreaker vessel Fennica returned to the Dutch Harbor in Alaska with a small breech in the hull, raising concerns about the company's

Research Vessel Concept a First for Voith

The new fisheries research vessel of the Shanghai Ocean University will be a first for Voith in several respects.   It is the first fisheries research vessel

Ocean Safety’s New Liferaft Facility Opens

Ocean Safety, a specialist in the worldwide supply, distribution, service and hire of marine safety equipment, has opened a new liferaft hire division.   Ocean

 
 
Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1946 sec (5 req/sec)