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The Agreement relating to the Area of Mutual Interest lays out the details of the cooperation between the Companies’ subsidiaries – Rosneft JV Projects SA and Statoil Petroleum AS – when they take part in the 22nd bidding round for offshore license blocks in the Norwegian section of the continental shelf. The tender is scheduled to take place in 2012-2013. The document also establishes the boundaries of the area of mutual interest agreed by the partners. The companies are planning to conduct a joint assessment of the blocks in the area of mutual interest and together submit applications to the relevant Norwegian authorities. Rosneft subsidiary that will be established in Norway will apply for 33.33% in the license blocks. The company will also have to pass the pre-qualification stage in order to be eligible for projects in the Norwegian section of the continental shelf. The companies also today signed an Agreement on joint technical evaluation of tight oil deposits at the North Komsomolsk field in Western Siberia and the Khadumsky formation fields in the Stavropol Territory. If the parties see development of the tight oil fields in the abovementioned regions as economically-viable they will set up an operating company with Rosneft and Statoil holding respectively 66.67% and 33.33% equity stakes. Statoil will cover all agreed expenditures for desktop study and pilot phase. The latter includes seismic surveying, drilling of vertical and horizontal wells, testing, pilot production, research and modeling at selected blocks. Commenting on the agreements, heads of the companies said that Statoil and Rosneft are moving rapidly to implement the strategic cooperation agreement signed on 5 May 2012. The speed with which the companies are proceeding reflects joint commitment and determination to realize the potential of strategic cooperation. «The partnership between Rosneft and Statoil is an opportunity to give additional substance to the ambitions of both Norway and Russia to strengthen energy cooperation in the High North following last year’s ratification of the agreement on delimitation of the continental shelf and economic zones in the Barents Sea», - ?oncluded Igor Sechin and Helge Lund at the signing ceremony. Rosneft and Eni signed agreements to set up JVs for Russian offshore projects June 21, 2012 • Joint ventures being set up to serve as operators for Russian offshore projects • Mutual guarantees agreements signed Rosneft and Eni S.p.A. have today signed agreements ensuring practical implementation of a Cooperation agreement concluded in April 2012. The documents were signed by Rosneft President Igor Sechin and Eni CEO Paolo Scaroni at the St Petersburg International Economic Forum. The shareholder and operations agreements signed by the parties provide for the creation of joint ventures to develop Russian offshore properties at license blocks in the Barents and Black Seas. The agreements concern the Central Barents, Fedynsky and Western Chernomorsky blocks. The parties also signed Agreements on parent company guarantees ensuring the timely fulfillment of all obligations by their respective subsidiaries. Rosneft and Eni will set up the joint ventures through their subsidiaries with Rosneft holding 66.67% and Eni 33.33%. Eni undertakes to cover all the costs related to fulfilling license obligations related to geological exploration on carry financing terms. Eni will also compensate 33.33% of license acquisition costs for each project. It is also agreed that Eni will reimburse major part of historical exploration expenses at Western Chernomorsky block. Background: The Barents Sea projects will involve the Fedynsky and the Central Barents license blocks. The two blocks' possible recoverable resources are estimated at 2 bln tonnes of oil and 1.9 trillion cubic meters of gas. 2D seismic surveying at each block is scheduled to start in 2013 with 3D seismic planned for 2015-2016. Under the terms of the licenses two exploration wells have to be drilled in 2019-2020. The Black Sea project will involve the Western Chernomorsky license block. Its recoverable resources are estimated at 1.4 bln tonnes of oil. 2D (4,495 linear km) and 3D (3,319 sq km) seismic works were carried out at the block between 2004 and 2011. Two exploration and appraisal wells are to be drilled in 2015-2016 in line with license terms. Rosneft press release |
Rosneft and Statoil advance strategic cooperation with the signing of agreements on joint bidding for licenses in the Norwegian section of the Barents Sea and joint technical evaluation of tight oil resources in Russia