• Signed Completion Deed on Russian offshore projects
• Signed Heads of Agreement to develop tight oil project at license blocks in Samara region

On June 21, 2013, Rosneft and Statoil signed agreement on completion of several milestones under the Cooperation Agreement entered into on May 5, 2012. The agreement has been signed by Rosneft President and Chairman of the Management Board Igor Sechin and Statoil CEO Helge Lund during Saint Petersburg International Economic Forum.

The parties signed Completion Deed relating to the development of Russian offshore blocks in the Barents Sea and in the Sea of Okhotsk: Lisyansky, Kashevarovsky, Perseevsky and Magadan 1. Signing the Completion Deed confirms formation of JVs, entering into final agreements and fulfillment of all conditions for completion.

Operations at the blocks will take place within the context of the Declaration on Potection of the Environment and Biodiversity for Oil and Gas Exploration and Development on the Russian Arctic Continental Shelf signed by the two companies in November last year.
Companies also signed Heads of Agreement for joint pilot development of Domanic shale formations at 12 Rosneft license blocks in the Samara region. Rosneft stake in the project will be 51%, while Statoil will hold 49%.

In accordance with the agreement, Statoil will provide carry financing of up to $60 mln to perform the pilot survey program, as well as state-of-the-art technologies and professionals in hard to recover reserves.

Commenting on the agreements, Igor Sechin said: “We are glad to mark the progress in our cooperation with Statoil in Russian offshore projects covering the area of 102,000 sq. km. It is our strong conviction that signing today’s agreement on tight oil will allow us and our partner to efficiently develop the promising hard to recover reserves in the Samara region”.

“The joint offshore exploration ventures are the cornerstone in the broader partnership between Statoil and Rosneft. The joint capabilities of the two companies will allow future exploration in underexplored areas and we look forward to working together on these projects. These opportunities are in line with Statoil’s strategy for high impact exploration through early access at scale in new basins,” says Statoil CEO Helge Lund.