(MENAFN) Norway's Statoil's ASA chief executive, Helge Lund, stated that the oil company inked a deal with Russia's Rosneft to form joint ventures to explore Russian offshore deposits, reported AP.
Lund added that his company would hold a 33 percent stake in the joint ventures, which are established to explore deposits in the Barents Sea and Sea of Okhotsk.
He also said that under the agreement, Statoil will fund the initial exploration necessary to decide the commercial value of the 4 licenses; on the other hand, Rosneft will get the opportunity to obtain stakes in Statoil projects in the North Sea and in the Norwegian part of the Barents Sea.
It is worth noting that total investment in the 4 fields is estimated to reach around USD100 billion.
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