The agreements were signed in Stavanger by Statoil CEO Helge Lund and <a href=Rosneft Chairman and President Igor Sechin” height=”171″ src=”” style=”padding: 10px” title=”Statoil” width=”300″ />

Norwegian oil firm Statoil and Russia’s state-owned Rosneft have agreed to establish joint ventures (JV) to explore four offshore license areas in Russia.

The areas include Perseevsky in the Barents Sea and Kashevarovsky, Lisyansky and Magadan 1 in the Sea of Okhotsk, for which the companies signed a cooperation agreement on 5 May 2012.

According to the current shareholder and operating agreements, Rosneft will hold an equity share of 66.7% in each operating JV, while Statoil will own interest of 33.3%.

Statoil will fund 100% of costs during the exploration phase, including an obligatory work programme of six wildcat wells to be drilled between 2016 and 2021.

Rosneft president and chairman of the Management Board Igor Sechin said: "The pace at which this agreement with Statoil is being implemented instills us with confidence and means we can say that all of the companies’ obligations within the joint venture will be fulfilled on time and in strict compliance with environmental regulations."

The agreements also demand the exchange of management and technical personnel between the companies and the building of competence in core E&P disciplines.

Image: Statoil CEO Helge Lund and Rosneft chairman and president Igor Sechin. Photo courtesy of: Harald Pettersen.