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

NK ROSNEFT' PAO (ROSN)
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Rosneft, Statoil Sign Deal On Developing Fields In Arctic

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05/05/2012 | 04:26pm CET

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 [email protected]

Stocks mentioned in the article : Rosneft' NK OAO
Stocks mentioned in the article
ChangeLast1st jan.
ENI 0.80% 13.79 End-of-day quote.-0.87%
EXXON MOBIL CORPORATION 2.20% 77.53 Delayed Quote.-9.30%
NK ROSNEFT' PAO --End-of-day quote.
STATOIL 1.74% 180.95 Delayed Quote.1.51%
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Financials ($)
Sales 2017 107 B
EBIT 2017 11 641 M
Net income 2017 4 269 M
Debt 2017 58 159 M
Yield 2017 3,15%
P/E ratio 2017 12,08
P/E ratio 2018 8,03
EV / Sales 2017 1,14x
EV / Sales 2018 1,09x
Capitalization 63 356 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 6,72 $
Spread / Average Target 12%
EPS Revisions
Managers
NameTitle
Igor Ivanovich Sechin Chairman-Management Board & Vice Chairman
Gerhard Schroeder Chairman
Petr Ivanovich Lazarev Finance Director
Valeriy Vladimirovich Nikitin Director-Information Technology
Artur Matthias Warnig Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
NK ROSNEFT' PAO63 356
ROYAL DUTCH SHELL-7.02%264 948
PETROCHINA COMPANY0.87%220 108
TOTAL2.23%146 007
PETROLEO BRASILEIRO SA PETROBRAS28.63%84 426
STATOIL1.51%75 594