Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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

SummaryNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Rosneft, Statoil Sign Deal On Developing Fields In Arctic

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/05/2012 | 04:26pm CEST

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 alexander.kolyandr@dowjones.com

Stocks mentioned in the article : Rosneft' NK OAO
share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on ROSNEFT' NK OAO
04/27 ROSNEFT' NK : Igor Sechin on a Working Visit to Indonesia
04/25DJPotential Buyers of Rosneft and Bashneft in Talks with Russian Government
04/25 ROSNEFT' NK : Rosneft BOD Recommends Dividends at 11.72 Rubles per Share, which ..
04/22 ROSNEFT' NK : Rosneft BOD Recommends Dividends at 11.72 Rubles per Share, which ..
04/22 ROSNEFT' NK : Rosneft Optimizes the Organizational Structure of the Central Admi..
04/21DJChina Expresses Interest in Rosneft Stake
04/21DJROSNEFT' NK : China's CNPC Interested in Moscow's Rosneft Privatization
04/20 ROSNEFT' NK : Dutch court overturns $50 billion Yukos award against Russia
04/18 ROSNEFT' NK : Rosneft - Supply-demand to rebalance oil markets, not 'shaky deals..
04/16 Russian ministry suggests keeping dividends of state firms at 50 percent unti..
Advertisement
Income Statement Evolution
More Financials