Rosneft signs two offshore Arctic drilling accords

Rosneft has signed a memorandum of understanding with ONGC Videsh on cooperation in subsurface surveys, exploration and appraisal, and hydrocarbon production in the Russian offshore Arctic.

May 27th, 2014

Offshore staff

ST PETERSBURG, Russia – Rosneft has signed a memorandum of understanding with ONGC Videsh on cooperation in subsurface surveys, exploration and appraisal, and hydrocarbon production in the Russianoffshore Arctic.

The duo will also consider forming a consortium that would be led by Rosneft and involving other partners.

Rosneft has additionally agreed to an Arctic shelf drilling partnership with North Atlantic Drilling Ltd. (NADL) and Seadrill that runs to 2022. The parties have signed a letter of award for six harsh environment offshore rigs, extendable to nine.

As part of the agreement, Rosneft would take a stake in NADL, which has already contracted to drill the first two wells in the Kara Sea for the Rosneft/ExxonMobil joint venture during 2014 and 2015.

05/27/2014

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