Statoil and Rosneft prepare for drilling despite sanctions

Eldar Saetre, president and CEO of Statoil, in  February 2015. (Leon Neal/AFP/Getty Images)
Eldar Saetre, president and CEO of Statoil, in February 2015. (Leon Neal/AFP/Getty Images)
The two companies might carry out their first joint drillhole in 2016.

“Preparations for the operations are ongoing”, a representative of the customs authorities in Magadan confirms. The area in question is the northern part of the Sea of Okhotsk, the Russian far east, a part of the comprehensive cooperation agreement between the two companies.

According to the local customs official, the two companies have already settled issues related to the operatorship of the project, newspaper Vedomosti reports with referance to Interfax.

At the same time, Rosneft confirms that it this year has conducted comprehensive research in the Perseevsky license area in the Barents Sea. During a recent research expedition to the area, as well as to other Arctic license areas, a wide range of research operations were made.

Barents cooperation

Rosneft and Statoil in 2012 signed the cooperation agreement which includes exploration and well drilling in the Barents Sea and the Sea of Okhotsk. In both areas, Statoil will cover costs for exploration and drilling. The agreement includes three blocks in the far east and one, the Perseevsky area, in the Barents Sea.

Joint ventures are to be established, of which Rosneft holds 66,67 percent and Statoil 33,33 percent. Needed investments in the project amount to about $40 billion, Rosneft says.

According to the cooperation agreement, a total of six wells are to be drilled in the period 2016-2021.

Related stories from around the North:

Canada: Unconventional petroleum resources found in Canada’s Sahtu region…. Now what?, Eye on the Arctic

Finland: Finns still sharply divided over wind power, Yle News

Greenland: Arctic oil and gas must stay in ground to restrict warming to 2°C says study, Blog by Mia Bennett

Iceland:  From Arctic Circle 2013-2014, a big drop in the price of oil, Blog by Mia Bennett

Norway:  Norway surpasses Russia as top gas supplier, Barents Observer

Russia: Rosneft completes historical Arctic expedition, Barents Observer

United States: Let locals decide fate of Arctic drilling says U.S. politician, Alaska Dispatch News

Atle Staalesen, The Independent Barents Observer

For more news from the Barents region visit The Independent Barents Observer.

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