Gazprom, StatoilHydro join to explore the arctic

Gazprom and StatoilHydro have signed a Memorandum of Understanding for joint geological exploration, development, and production in Russia and Norway.

Offshore staff

ST. PETERSBURG, Russia -- Gazprom and StatoilHydro have signed a Memorandum of Understanding for joint geological exploration, development, and production in Russia and Norway.

They will cooperate to discover and to develop hydrocarbon fields, as well as to design technologies for exploration, production, and transportation of corresponding resources in northern regions of Russia and Norway.

The document is valid for three years and replaces the 2005 MoU between Gazprom, Statoil, and Hydro.

“The signing of a new Memorandum demonstrates the continuity and long-term relations between StatoilHydro and Gazprom,” says Helge Lund, StatoilHydro’s president and CEO. “Norway and Russia are strategic partners in the North, sharing opportunities, and responsibilities in the Arctic region.”

06/05/2009

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