Norwegian oil major Statoil ASA (ROSN.RS) Thursday said it has agreed to
establish joint ventures with its Russian peer OAO Rosneft (ROSN.RS) for four
Russian offshore license areas.
The license areas covered by the agreement are Perseevsky in the
Barents
Sea
, as well as Kashevarovsky, Lisyansky and Magadan 1 in the
Sea
of
Okhotsk
.
As part of the deal, Statoil and Rosneft have agreed to establish a work
program aimed at drilling six wildcat wells in the areas between 2016 and 2021.
Statoil said it will fully fund the costs in the exploration phase.
Rosneft's share of the four joint ventures will be 66.67%, while Statoil's
share will be 33.33%.
At 1046
GMT shares in Statoil traded 1.3% lower at NOK147.10.