Statoil, Rosneft to cooperate in Barents Sea exploration

Statoil and Rosneft have agreed to jointly bid on exploration licenses in the Norwegian Barents Sea.

Offshore staff

STAVANGER, Norway –Statoil and Rosneft have agreed to jointly bid on exploration licenses in the Norwegian Barents Sea. The agreement on exploration cooperation identifies an Area of Mutual Interest in the Norwegian Barents Sea for the 22nd Licensing Round.

Following the execution of this agreement, Rosneft will initiate the process to become pre-qualified as licensee on the Norwegian continental shelf.

Statoil and Rosneft also will focus on how to structure the cooperation to explore the Perseevsky license block in the Russian Barents Sea and the Magadan 1, Lisyansky, and Kashevarovsky blocks in the Sea of Okhotsk.

The strategic cooperation agreement also envisages the acquisition by Rosneft of interests in selected Statoil international projects.

6/21/2012

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