Norwegian firm Statoil has entered into a cooperation agreement with Russia’s state-owned Rosneft, for the joint exploration and development of offshore fields in Russian sections of the Barents Sea and Sea of Okhotsk.
The companies will set up a joint venture to explore the Perseevsky license block in the Barents Sea and three blocks in the Sea of Okhotsk, namely Magadan 1, Lisyansky and Kashevarovsky.
The Perseevsky license covers 23,000km² in water depths of 150m to 250m, while the Kashevarovsky, Lisyansky and Magadan-1 licenses cover 79,000km², in water depths of between 70m and 350m.
Helge Lund, Statoil CEO, said the agreement secures a long-term collaborative position with Rosneft in large, prospective frontier areas.
"By building on both companies’ competence and experience, this agreement is a significant step further in the industrial development of the Northern areas," said Lund.
Statoil will hold a 33.33% stake in the project and will fund initial exploration activities to determine the commercial value of the four licenses.
The firms have further agreed on a programme for the exchange and development of technology, as well as competence relevant for Arctic offshore and unconventional exploration and production.
Image: Rosneft’s headquarters in Moscow, Russia. Photo courtesy of: Rosneft.