Statoil (OSE:STL, NYSE:STO) and Rosneft (MICEX-RTS:ROSN LSE: ROSN) have agreed to jointly explore offshore areas close to the recently agreed upon marine border of Norway and Russia in the Barents Sea and the Sea of Okhotsk, Statoil said in a release this Weekend. The two firms will set up joint ventures for four different licenses that cover an area of more than 100 000 square kilometres with Statoil holding 1/3th stake in each.
Statoil will be funding the initial exploration. Rosneft will also have the right to acquire an interest in some Statoil projects in the North Sea and Norwegian side of the Barents Sea. The cooperation agreement was signed this weekend this weekend in the presence of Russia’s returning President Vladimir Putin. It follows similar deals that Rosneft has signed with certain other international oil companies. Russian government holds three quarters of the shares in Rosneft while Norwegian government owns around a third of Statoil
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