<a href=Rosneft” height=”225″ src=”https://www.offshore-technology.com/wp-content/uploads/static-progressive/pic2.jpg” style=”padding: 10px” title=”Rosneft Italy’s Eni to explore fields in Barents and Black Sea blocks” width=”300″ />

Rosneft, based in Russia, has signed a cooperation agreement with Italy’s Eni to jointly develop Russian offshore energy deposits in the Barents Sea and the Black Sea.

The cooperation agreement calls for the creation of a joint venture to explore the Fedynsky and Central Barents fields in the Barents Sea and the Western Chernomorsky field in the Black Sea.

Under the terms of the deal, state-controlled Rosneft will also get access to Eni’s international projects in North Africa, and later in other parts of the world.

Eni chief executive, Paolo Scaroni, said: "We plan to work with Russia for many years. This was the last brick in the road to becoming Russia’s top partner for energy."

Rosneft president, Eduard Khudainatov, said: "I am confident that our partnership will lead to growth of our resource base and the capitalisation of both companies."

Eni will invest $2bn to gain a 33.33% stake in the project, which has total recoverable reserves of 36 billion barrels of oil equivalent.

Rosneft said the development would cost the companies more than $100bn in total.

 

Image: Rosneft Italy’s Eni will explore fields in Barents and Black Sea blocks. Photo: Rosneft.