Subscribe free to our newsletters via your
. Energy News .

Rosneft's Cooperates with Eni and Statoil in the Arctic
by Staff Writers
Moscow (Voice of Russia) Sep 19, 2012

File image.

After the government had given a preferential tax treatment to the companies engaged in offshore hydrocarbon field development foreign investors became more active in joining Russian projects. The government-owned company Rosneft became their main partner in the Russian Arctic.

In April 2012 Rosneft and the Italian company Eni signed a strategic cooperation agreement. The agreement provides for establishing a joint venture to develop the Fedynsky and Central Barents blocks in the Barents Sea and the Western Chernomorsky block in the Black Sea. With regard to those blocks Emi's will own a 33.33% stake in the joint venture.

The Fedynsky block, which is 38,000 square meters in size, is located in the ice-free southern portion of the Barents Sea.

Water depths in the area range from 200 to 320 m. 2D seismic survey has shown 9 promising structures within the area with extractable hydrocarbon resources of 18.7 billion barrels of oil equivalent. According to the license terms 6,500 km of 2D seismic should be carried out within the Fedynsky block by 2017 and 1,000 square m of 3D seismic by 2018.

One exploration and appraisal well should be drilled by 2020 and, if there is a success, another exploration well by 2025. The Fedynsky block borders on the Central Barents block in the north with the sea depths ranging from 160 to 300 m.

According to previously obtained seismic data the area has 3 promising structures with total recoverable hydrocarbon resources of over 7 billion barrels of oil equivalent. 3,200 km of 2D seismic should be carried out within the area by 2016 and 1,000 square m of 3D seismic by 2018.

One exploration well should be drilled by 2021 and, if there is a success, another exploration well by 2026. The block' total recoverable hydrocarbon resources are estimated to be 36 billion barrels of oil equivalent. The high potential of the Barents Sea block is due to fact that they are close to the Norwegian shelf where at least three major oil fields have been discovered during the recent years.

Eni has agreed to finance those geologic exploration activities which will be necessary to confirm the block's commercial viability. The partnership between Rosneft and Eni will involve technologies and staff exchanges which will enhance the company's competence. The agreement also provides for Rosneft's involvement in Eni's international projects.

Norway's Statoil became another partner of Rosneft to develop Arctic offshore fields in Russia. In May 2012 Rosneft and Statoil signed a cooperation agreement to jointly develop the offshore blocks in the Russian sectors of the Barents Sea and the Sea of Okhotsk.

The companies also agreed to work together on Norwegian projects. Thus, Rosneft received the right to participate in the development of blocks located on the Norwegian shelf in the Barents Sea and to acquire stakes in Statoil's international projects.

As regards the development of the Russian Arctic, the agreement provides for a joint venture to be established for developing the Perseyevsky block in the Barents Sea and three blocks - Magadan-1, Lisyansky and Kashevarovsky - in the Sea of Okhotsk. The Perseyevsky block is located in the western sector of the Barents Sea which is adjacent to Norway's economic zone.

The area's sea depths range from 120 to 240 m. Within the Magadan-1 block the sea depths range between 100 and 160 m reaching 200 m in the Lisyansky block and 140 to 350 m in the Kashevarovsky block. The four blocks' total prospective recoverable resources are nearly 2 billion tons of oil and 1.8 trillion cubic m of gas. Statoil will own a 33,33% stake in the project.

Under the agreement Statoil will finance the geologic exploration activities. Apart from that, the Norwegian company will reimburse historical expenses incurred by Rosneft within the license areas and 33.3% of expenses incurred acquiring the license. Under the agreement Rosneft may subsequently receive one-off bonuses from Statoil for each commercial discovery of oil and gas reserves.

The agreement between Rosneft and Statoil will stimulate the development of Russia's shipbuilding industry since the parties agreed to place orders for ice-class vessels and drilling platforms with Russian shipyards.

In addition to the Arctic field development Rosneft and Statoil greed to carry out joint research to identify effective approaches to developing deposits with hard-to-recover oil and gas reserves (oil shale deposits at the Khadumsky formation in the Stavropol territory and highly viscous oil located below the gas cap at the Severo-Komsomolsky field in the Yamalo-Nenets autonomous district). The companies plan to jointly develop the deposits if commercial reserves are discovered.

Source: Voice of Russia


Related Links
Gas and Oil news at Energy-Daily
Powering The World in the 21st Century at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Norway investigates leak on BP platform
Oslo (AFP) Sept 18, 2012
Norwegian authorities said Tuesday they have opened an investigation into a "substantial" oil and gas leak on a production platform operated by BP off the coast of Norway. "No people were injured and no damage caused to the installation beyond the equipment directly involved. But the (Norwegian Petroleum Safety Authority) PSA considers the incident to have had a substantial potential," the P ... read more

Home sweet lab: Computerized house to generate as much energy as it uses

'Smart growth' strategies curb car use, greenhouse gas emissions

China to invest $3.5 bn in Zimbabwe power plant: report

EP passes sulfur fuel, efficiency bills

EU MPs call for 'robust' oversight of shale gas development

Dry-run experiments verify key aspect of Sandia nuclear fusion concept

Rosneft's Cooperates with Eni and Statoil in the Arctic

Japan calls for reform of LNG markets

Sufficient wind energy available to meet global demands without damaging climate

Report backs greater role for wind energy

Wind could meet many times world's total power demand by 2030

High-altitude winds have large potential as a source of clean energy

China solar dumping a topic for EU talks?

Hanwha Solar Enters Distribution Partnership with AEE Solar

Retail Complex Goes Solar With 1,196 Solar PV Panel System from Eclipsall

The UK's first solar powered major waste treatment plant

Japan gets new nuclear watchdog

Japan to retreat from nuclear power

Japan says to phase out nuclear energy by 2040

Nuclear Proliferation Risks Of Laser Enrichment Require Fuller NRC Review

Sorghum Eyed as a Southern Bioenergy Crop

EU confirms change in biofuel targets

France reconsiders plans to boost biofuel use

World Energy and Hydro Dynamics team up to promote SPR cavitation reactor technology

Tiangong Orbit Change Signals Likely Date for Shenzhou 10

China Focus: Timeline for China's space research revealed

China eyes next lunar landing as US scales back

China unveils ambitious space projects

Effectiveness and impact of climate change mitigation measures unclear

U.S. underestimates costs of carbon pollution and climate change

Researchers emphasize evaluation of tradeoffs in battling urban heat island

Next generation of advanced climate models needed

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement