Statoil and Rosneft have signed Shareholder and Operating Agreements that will establish joint ventures for the four offshore Russian license areas.
These are included in the Cooperation Agreement signed by the two companies on May 5, 2012.
The license areas in question are Perseevsky in the Barents Sea and Kashevarovsky, Lisyansky and Magadan 1 in the Sea of Okhotsk.
The agreements were signed in Stavanger on Thursday by Statoil CEO Helge Lund and Rosneft Chairman and President Igor Sechin. Their signing represents a significant step towards full implementation of the Statoil-Rosneft Cooperation Agreement.
The Shareholder and Operating Agreements are identical for the four license areas. Rosneft will have an equity share of 66.67% in each of the operating joint ventures and Statoil's share will be 33.33%.
Statoil will fund 100% of costs in the exploration phase, which includes an obligatory work program of six wildcat wells to be drilled during the period 2016-2021.
A fiscal reform package providing incentives for the development of Russian offshore , including through geological survey, was outlined in a Russian government decree of April 2012. Enactment and implementation of these measures will facilitate the conduct of more capital intensive exploration work.
The agreements also foresee the exchange of management and technical personnel between the companies and the building of competence in core E&P disciplines.
(Aftenposten/NRK/Press release)
Lundin Norge AS has announced the discovery of an oil discovery south of the Edvard Grieg field in the North Sea, after concluding the drilling of wildcat well 16/4-6 S.
..
Norwegian energy provider Statoil has reported a first quarter 2013 net operating income of NOK 38.0 billion, compared to NOK 57.9 billion in the first quarter of 2012. Adjusted earnings were NOK 42.4 billion, compared to NOK 59.2 billion in the first quarter of 2012.
..
The Norwegian Government has presented a proposal to open for petroleum activity in new areas in the south-eastern Barents Sea.
..
The National Congress of Prime Minister Jens Stoltenberg's Labour Party has voted yes to do a study that examines the effects of potential oil drilling in the Lofoten-Vesterålen area in the north of Norway.
..
Norwegian energy provider Statoil and partner Petoro have proven considerable additional resources in the Shetland Group/Lista Formation in the Gullfaks licence.
..
Norwegian engineering firm Aker Solutions has entered a frame agreement with Petrobras to provide subsea equipment for the oil company's deepwater pre-salt field developments in Brazil.
..
Norwegian energy provider Statoil and its partners have started production from the Vigdis North-East oil field located in the southern North Sea...
Aker Solutions has acquired Managed Pressure Operations International, Ltd. (MPO), a company that has successfully developed the next generation of continuous circulation, riser gas handling and managed pressure drilling systems.
..
Final investments in oil and gas activity in 2012 - including pipeline transportation - were NOK 172.5 billion; 18 per cent higher than in 2011. The forecast for 2013 has been adjusted downwards to NOK 198.7 billion, according to Statistics Norway.
..
This week, Statoil and its partners began production from the Hyme oil field in the southern part of the Norwegian Sea. Hyme is the second of Statoil’s 12 so-called fast-track projects.
..
