Rosneft, Statoil form JV to tap offshore deposits 

Rosneft, Statoil form JV to tap offshore deposits

Moscow, May 05, 2012 (Menafn - RosBusinessConsulting via COMTEX) --Russia's state-owned oil major Rosneft and Norway's Statoil have signed an agreement on joint development offshore deposits in the Barents Sea and the Sea of Okhotsk, Rosneft said in a statement.Under the terms of the agreement, Statoil will get a 33.33% stake in its joint venture with Rosneft and will finance geological explorations works, while Rosneft will get an opportunity to get a stake in Statoil's projects in the North Sea and Norway's part of the Barents Sea.The two companies are expected to invest 2.5bn in geological exploration activities in the Barents Sea and the Sea of Okhotsk and another 35bn-40bn in the development of these fields, Rosneft's President Eduard Khudaynatov said.

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