Rosneft Teams With Statoil to Develop Offshore Arctic

Russian oiil major Rosneft teams up with Statoil's Helge Lund to drill in formerly disputed waters of the Barents Sea

Oil major Rosneft will establish a subsidiary in Norway, which is to develop Norwegian Arctic fields together with Statoil.

The documents signed by Statoil and Rosneft during the St. Petersburg Economic Forum are part of the comprehensive cooperation agreement concluded by the two companies on 5 May, a deal which gives Statoil a 33,4 percent stake in Rosneft’s promising Perseevsky field in the Barents Sea.

Now it is Rosneft’s turn to move across the border. The agreements signed in St. Petersburg will give the Russian oil giant a foothold on the Norwegian shelf. And it is the Norwegian Arctic which is of prime interest to Rosneft.