Member access

4-Traders Homepage  >  Shares  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  Rosneft' NK OAO    ROSN   RU000A0J2Q06


News SummaryMost relevantAll newsSector news 

Rosneft, Statoil Sign Deal On Developing Fields In Arctic

05/05/2012 | 10:26am US/Eastern

Norway's Statoil ASA (STO, STL.OS) signed Saturday a cooperation agreement with Russian state oil company Rosneft (>> Rosneft' NK OAO) to develop Russia's mostly untapped offshore energy resources in the Arctic, thus joining two other global majors, Exxon Mobil Corp. (XOM) and Italy's Eni SpA (E, ENI.MI), which signed similar deals in April.

The deal is structured similarly to the ones Rosneft signed with Exxon and Eni and follows Russia's approval of long-awaited tax breaks for the potentially rich offshore fields. Like the previous two, this deal was signed in the presence of Russia's president-elect, Vladimir Putin.

Rosneft and Statoil have agreed to jointly explore offshore frontier areas of Russia and Norway and to conduct joint technical studies on two onshore Russian assets. The agreement also envisages Rosneft's acquisition of participating interests in selected Statoil projects.

Under the agreement, the companies will set up joint ventures, with Statoil holding 33.33% in each, and will jointly explore the Perseevsky license in the Russian part of the Central Barents Sea and three licenses--the Kashevarovsky, Lisyansky and Magadan-1--north of Sakhalin island in the Sea of Okhotsk. The four offshore licenses cover an area of more than 100,000 square kilometers.

"We aim for early access at scale in new and promising basins, positioning us for high-impact exploration. This agreement is at the core of our strategy, supporting our long-term growth ambitions," said Helge Lund, chief executive of Statoil, in a statement.

-By Alexander Kolyandr, Dow Jones Newswires; +7 495 232-9192

Stocks mentioned in the article : Rosneft' NK OAO
React to this article
Latest news on ROSNEFT' NK OAO
7h ago Rosneft expansion thwarted by U.S. veto on Morgan Stanley deal
8h agoDJRosneft, Morgan Stanley Oil Business Deal Collapses - 2nd Update
8h agoDJRosneft, Morgan Stanley Oil Business Deal Collapses - Update
9h agoDJRosneft's Planned Deal for Morgan Stanley Oil Business Collapses
10h agoDJRosneft Repays $7 Billion of TNK-BP Bridge Loan -Update
10h ago ROSNEFT' NK : Rosneft and Morgan Stanley Statement
10h ago ROSNEFT' NK : Rosneft and Morgan Stanley Statement
13h agoDJRosneft Repays $7 Billion of TNK-BP Bridge Loan
13h ago Top Russian oil firm Rosneft repays around $7 billion in debt
15h ago ROSNEFT' NK : Rosneft Board of Directors approves 2015-2016 Business Plan
Income Statement Evolution
More Financials
Dynamic quotes