Rosneft gets 20% stake in Norwegian continental shelf project

PanARMENIAN.Net - Rosneft has received a 20 percent stake in a license to develop the Norwegian continental shelf in the Barents Sea, the Russian state-owned oil giant said on Thursday, June 13, according to RIA Novosti.

“Following the results of the 22nd Licensing Round announced by the Norwegian Ministry of Petroleum and Energy, RN Nordic Oil AS, a 100 percent indirect subsidiary of Rosneft, has been granted the award of a 20 percent participating interest in the license PL713 covering the area of 1,213 sq. km,” Rosneft said in a statement.

License PL713 consists of four promising blocks. RN Nordic Oil AS will develop the blocks in partnership with Statoil, which will act as an operator.

“The acreage is one of the biggest that was applied for and is located in the most promising and prolific area of the Barents Sea next to recently discovered Castberg fields (Skrugard and Havis),” the statement said.

“We are pleased to have been awarded the license and look forward to making active contributions to the license work program. We are convinced that application of latest technologies jointly with our strategic partner Statoil will enable us to develop these acreages in the most efficient way,” Rosneft Vice President for Offshore Projects Zeljko Runje was quoted as saying in the statement.