Statoil: Sanctions are not an obstacle for the oilfield agreement with Rosneft

08/09/2017 14:51 Oil Market

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Norway’s Statoil declared that the deal with Russia’s Rosneft aiming to develop the onshore North Komsomolskoye oilfield was according to the European Union and U.S. sanctions on Russia over the conflict in Ukraine. 

 

Under the terms of the agreement signed in 2013, before sanctions were imposed, Statoil announced the plans to get a 33 percent stake in the northwest Siberian field. 


Statoil’s spokesman stated that the company is clear in its activities which are in full compliance with the sanctions. 


Statoil mentioned as well about the plan to seal a contract on the stake in SevKomNefteGaz LLC before getting to the next pilot production project. 


The company’s representative was quite short on the exact period when the full production will start. 


Rosneft asserted that in 2015-2016, drilling and testing led to an increase in the field’s oil and condensing reserves to 111 million metric tonnes from 52 million tonnes.

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