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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Brown Named Bureau Veritas Communications Director

Nick Brown has been appointed Bureau Veritas’ new Communications Director, Marine & Offshore Division, the classification society announced.    Brown will take up the post from November 2,

Technology

Insights: Kunkel Weighs in on Propulsion Technology

LNG? Methanol as fuel? Hybrid systems? Tier 4? Reducing noise? Cutting emissions without crushing fuel economy? Marine News readers have questions and Bob Kunkel has answers.

A Sea Change in Waterjet Technology

Longtime waterjet propulsion equipment provider NAMJet introduces key advancements for the workboat sector. Back in 2011, when boat builder Birdon went looking

ATB Design Comes of Age

The emerging trend of marrying the design of an articulated tug and barge (ATB) to a particular propulsion system to maximize efficiencies of that system has, of late,

Offshore

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

Det Norske to Restore Production at Alvheim after Leak

Norwegian oil firm Det norske said it expected to reach full production at its Alvheim FPSO (floating storage, offloading and producing unit) overnight after a leak,

Damen Presents Decommissioning Vessels Concept

Damen Shipyards Group has announced its latest concept design: the Damen Decommissioning Series. The vessel will specialize in three core areas of the oil and gas

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.1028 sec (10 req/sec)