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

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Rosneft, Statoil Sign Deal On Developing Fields In Arctic

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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
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Financials ($)
Sales 2016 75 247 M
EBIT 2016 10 280 M
Net income 2016 4 268 M
Debt 2016 37 695 M
Yield 2016 2,74%
P/E ratio 2016 14,69
P/E ratio 2017 8,14
EV / Sales 2016 1,28x
EV / Sales 2017 1,10x
Capitalization 58 984 M
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Buy
Mean consensus HOLD
Number of Analysts 11
Average target price 5,43 $
Spread / Average Target -2,4%
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Managers
NameTitle
Igor Ivanovich Sechin Chairman-Management Board & Vice Chairman
Andrey Removich Belousov Chairman
Petr Ivanovich Lazarev Finance Director
Valeriy Vladimirovich Nikitin Director-Information Technology
Artur Matthias Warnig Deputy Chairman
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Sector and Competitors
1st jan.Capitalization (M$)
NK ROSNEFT' PAO58 984
PETROCHINA COMPANY LIM..-12.93%190 274
TOTAL3.08%119 322
PETROLEO BRASILEIRO SA..108.96%58 246
ENI SPA-8.33%51 405
STATOIL ASA3.88%50 877
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