Statoil, Rosneft finalize joint offshore Russia exploration ventures

Statoil and Rosneft have signed the final agreement to establish joint ventures for four license areas offshore Russia.

Statoil, Rosneft venture map
Statoil, Rosneft venture map

Offshore staff

STAVANGER, Norway –Statoil and Rosneft have signed the final agreement to establish joint ventures for four license areas offshore Russia. This follows an initial announcement of intent earlier this year.

The license areas are Perseevsky in the Barents Sea, and Kashevarovsky, Lisyansky and Magadan 1 in the Sea of Okhotsk. The shareholder and operating agreements are identical for the four license areas. Rosneft will have an equity share of 66.67% and Statoil will have 33.33%.

Statoil will fund 100% of costs in the exploration phase, which includes an obligatory work program of six wildcat wells to be drilled during the period 2016-2021.

8/30/2012

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