Rosneft and Statoil advance strategic cooperation with the signing of agreements on joint bidding for licenses in the Norwegian section of the Barents Sea and joint technical evaluation of tight oil resources in Russia
Rosneft and Statoil have today signed documents aimed at implementing a cooperation agreement concluded on May 5, 2012. The agreements lay out the terms of joint bidding for licenses in the Norwegian section of the Barents Sea and provide for joint technical evaluation and subsequent development of tight oil resources in Russia.
The agreements were signed by Rosneft President Igor Sechin and Statoil CEO Helge Lund on the sidelines of the St Petersburg International Economic Forum.
The Agreement relating to the Area of Mutual Interest lays out the details of the cooperation between the Companies’ subsidiaries – Rosneft JV Projects SA and Statoil Petroleum AS – when they take part in the 22nd bidding round for offshore license blocks in the Norwegian section of the continental shelf. The tender is scheduled to take place in 2012-2013. The document also establishes the boundaries of the area of mutual interest agreed by the partners. The companies are planning to conduct a joint assessment of the blocks in the area of mutual interest and together submit applications to the relevant Norwegian authorities. Rosneft subsidiary that will be established in Norway will apply for 33.33% in the license blocks. The company will also have to pass the pre-qualification stage in order to be eligible for projects in the Norwegian section of the continental shelf.
The companies also today signed an Agreement on joint technical evaluation of tight oil deposits at the North Komsomolsk field in Western Siberia and the Khadumsky formation fields in the Stavropol Territory. If the parties see development of the tight oil fields in the abovementioned regions as economically-viable they will set up an operating company with Rosneft and Statoil holding respectively 66.67% and 33.33% equity stakes. Statoil will cover all agreed expenditures for desktop study and pilot phase. The latter includes seismic surveying, drilling of vertical and horizontal wells, testing, pilot production, research and modeling at selected blocks.
Commenting on the agreements, heads of the companies said that Statoil and Rosneft are moving rapidly to implement the strategic cooperation agreement signed on 5 May 2012. The speed with which the companies are proceeding reflects joint commitment and determination to realize the potential of strategic cooperation. «The partnership between Rosneft and Statoil is an opportunity to give additional substance to the ambitions of both Norway and Russia to strengthen energy cooperation in the High North following last year’s ratification of the agreement on delimitation of the continental shelf and economic zones in the Barents Sea», – сoncluded Igor Sechin and Helge Lund at the signing ceremony.