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

08/09/2017 14:51 Oil Market


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.

Daily (12.07.2018): Brent crude plummeted by almost 7% on Wednesday, on news that Libya would increase output

12/07/2018 13:00:00

Oil prices slumped on Wednesday, on concerns of increasing trade tensions between two world’s major economies - United States and China. Brent crude tumbled by 6.9% to $73.40 a barrel, following the news that four ports in Libya would ease back in the game. Meanwhile, WTI crude traded 5% lower at $70.38 a barrel.


Electric vehicles could lift UK peak power demand by 5-8 gigawatts by 2030: National Grid

12/07/2018 09:58:00

The growing use of electric vehicles could increase peak electricity demand in Britain by between 5 and 8 gigawatts (GW) by 2030, National Grid said on Thursday.


Gazprom, Uzbekneftegaz discuss Shakhpakhty gas field production

12/07/2018 09:45:00

Russian gas monopoly Gazprom and national holding company Uzbekneftegaz have discussed the bilateral cooperation between the companies, focusing on the joint development of the Shakhpakhty field in the former Soviet republic.