Statoil signs cooperation agreement with Rosneft
(Thomson Reuters ONE) -
Statoil (OSE:STL, NYSE:STO) and Rosneft today signed a cooperation agreement.
The companies have agreed to jointly explore offshore frontier areas of Russia
and Norway and to conduct joint technical studies on two onshore Russian assets.
The agreement also envisages Rosneft's acquisition of participating interests in
selected Statoil projects.
Rosneft president Eduard Khudainatov and Statoil president and CEO Helge Lund
signed the agreement, in the presence of the President-elect of the Russian
Federation Vladimir Putin and Deputy Prime Minister Igor Sechin.
"This cooperation agreement is an important milestone in Statoil's exploration
activity in Russia. The agreement secures a long term collaborative position
with Rosneft in large, prospective frontier areas in the Barents Sea and the Sea
of Okhotsk. By building on both companies' competence and experience, this
agreement is a significant step further in the industrial development of the
Northern areas, says Helge Lund, CEO of Statoil.
Under the agreement, Statoil and Rosneft will set up joint ventures, with
Statoil holding 33,33% in each. The partners will jointly explore the Perseevsky
licence in in the Russian part of the Central Barents Sea and three licences -
the Kashevarovsky, Lisyansky and Magadan-1 - north of Sakhalin island in the Sea
of Okhotsk. The four offshore licences cover an area of more than 100,000 square
kilometres, equalling approximately 200 blocks on the Norwegian continental
shelf.
"We aim for early access at scale in new and promising basins, positioning us
for high impact exploration. This agreement is at the core of our strategy,
supporting our long term growth ambitions," says Lund.
Statoil will fund the initial exploration necessary to determine the commercial
value of the four licences.
In addition the two companies will conduct joint technical studies on two
onshore Russian assets. At the North-Komsomolskoye field in West Siberia Statoil
can contribute with experience and competence from both Brazil and the Norwegian
continental shelf to unlock the potential of this significant non-producing
greenfield. At the shale oil play in the Stavropol area in southwestern Russia
Statoil can bring its unconventional experience from the US to the benefit of
this proven, unappraised play.
The cooperation agreement also provides Rosneft with an opportunity to acquire
interests in selected Statoil exploration licences and assets in the North Sea
as well as in the Norwegian sector of the Barents Sea.
The companies have agreed on a programme to exchange and further develop
technology and competence relevant for arctic offshore and unconventional
exploration and production.
Information about the licences
All these licences offer access to large areas of potentially prospective
frontier acreage with a phased exploration work programme in each licence. At
the outset, the overall licence obligations are comprised of 2D seismic and six
exploration wells for the four frontier exploration blocks. In case of success
additional wells will be drilled.
Barents Sea
The Perseevsky licence is in the Russian part of the Central Barents Sea,
approximately 350 kilometres from Barents Island. The licence covers 23,000
square kilometres in water depths of 150-250 metres. 5,500 line kilometres of
2D is to be acquired by 2016, 1,000 square kilometres of 3D by 2018 and a first
exploration well is to be drilled by 2020.
Sea of Okhotsk
The three licences - Kashevarovsky, Lisyansky and Magadan-1 - cover 79,000
square kilometres in the northern part of the Sea of Okhotsk, north-east of the
island of Sakhalin, in water depths between 70 and 350 metres where the ice free
period is from July to December.
The Kashevarovsky licence: 2,000 line kilometres of 2D seismic is to be
acquired from 2014 to 2016. The first exploration well should be drilled before
2019.
The Lisyansky licence: 2,000 line kilometres of 2D seismic is to be acquired
from 2014 to 2018, and first exploration well is to be drilled by 2017.
The Magadan-1 licence: 1,000 line kilometres of 2D seismic is to be acquired by
2014 and first exploration well is to be drilled by 2016.
Onshore
The North-Komsomolskoye discovery is a significant non-producing greenfield in
West Siberia.
The Stavropol shale oil licence is a shale-oil play in the Stavropol region in
southwestern Russia.
For more information, please contact:
Investor relations
Hilde Merete Nafstad, senior vice president investor relations,
Tel: + 47 957 83 911 (mobile)
Morten Sven Johannessen, vice president, investor relations North America,
Tel: +1 203 570 2524 (mobile)
Media relations
Jannik Lindbæk jr, vice president for media relations, + 47 977 55 622 (mobile)
Bård Glad Pedersen, press spokesperson, Tel: +47 918 01 791 (mobile)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Statoil via Thomson Reuters ONE
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Datum: 05.05.2012 - 09:38 Uhr
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