Statoil partners with Rosneft despite Russian sanctions

Rosneft has partnered with Norway’s Statoil to search for oil on the Norwegian Continental Shelf in the Barents Sea, despite recent Western sanctions against Russia.

Rosneft announced that together with Statoil, the company had started exploration operations at the Pingvin License PL713 prospect in the Norwegian section of the Barents Sea.

The first exploration well Pingvin-1 will be drilled by the Transocean Spitsbergen rig. The water depth is 422 m and the drilling target total vertical depth (TVD) is 1516 m. The companies expect to analyse the drilling results until the end of 2014.

The start of these exploration operations marks an important milestone in developing the cooperation between Rosneft and Statoil, the Russian company concluded.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/exploration/19082014/statoil-and-rosneft-to-explore-for-oil-in-barents-sea-239/