Statoil (STO) said it signed a cooperation agreement with Rosneft. The companies expressed consent to jointly explore offshore frontier areas of Russia and Norway and to carry out joint technical studies on two onshore Russian assets.
As per the agreement, Statoil and Rosneft will set up joint ventures, with Statoil holding 33,33% in each. The partners will jointly explore the Perseevsky licence in in the Russian part of the Central Barents Sea and three licences - the Kashevarovsky, Lisyansky and Magadan-1 - north of Sakhalin island in the Sea of Okhotsk. The four offshore licences cover an area of above 100,000 square kilometres, equalling around 200 blocks on the Norwegian continental shelf. Statoil noted that it will fund the initial exploration necessary to determine the commercial value of the four licences.
The two companies will also conduct joint technical studies on two onshore Russian assets. According to Statoil, at the North-Komsomolskoye field in West Siberia, it can contribute with experience and competence from both Brazil and the Norwegian continental shelf to unlock the potential of this significant non-producing greenfield. Meanwhile, at the shale oil play in the Stavropol area in southwestern Russia, Statoil can bring its unconventional experience from the US to the benefit of this proven, unappraised play.
The agreement envisages Rosneft's acquisition of participating interests in selected Statoil projects. The cooperation agreement further provides Rosneft with an opportunity to buy interests in selected Statoil exploration licences and assets in the North Sea as well as in the Norwegian sector of the Barents Sea.
In addition, the companies have agreed on a programme to exchange and further develop technology and competence relevant for arctic offshore and unconventional exploration and production.
Helge Lund, chief executive officer of Statoil, said, "This cooperation agreement is an important milestone in Statoil's exploration activity in Russia. The agreement secures a long term collaborative position with Rosneft in large, prospective frontier areas in the Barents Sea and the Sea of Okhotsk. By building on both companies' competence and experience, this agreement is a significant step further in the industrial development of the Northern areas."
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