Russian oil company Rosneft and Norway’s Statoil on Thursday signed shares and operation agreements in Norway in order to create joint ventures to explore four fields on the Russian shelf, Rosneft said.
In May, the companies agreed to explore jointly the Perseyevsky Field in the Barents Sea, as well as three other fields in the Sea of Okhotsk: Lisyansky, Kashevarovsky and Magadan-1.
Rosneft said the shares and operation agreements were the same for all four licensed fields. Rosneft’s shares stand at 66.67 percent and Statoil’s will be at 33.33 percent. Statoil will finance 100 percent of the expenses on exploration, which includes the drilling of six wells in 2016-2021.