Sanctions notwithstanding, Statoil and Rosneft prepare for drilling

The western sanction regime might not be enough to stop Rosneft and Statoil's offshore drilling plans.

The two companies might carry out their first joint drillhole in 2016.


“Preparations for the operations are ongoing”, a representative of the customs authorities in Magadan confirms. The area in question is the northern part of the Sea of Okhotsk, the Russian far east, a part of the comprehensive cooperation agreement between the two companies.

According to the local customs official, the two companies have already settled issues related to the operatorship of the project, newspaper Vedomosti reports with referance to Interfax.

At the same time, Rosneft confirms that it this year has conducted comprehensive research in the Perseevsky license area in the Barents Sea. During a recent research expedition to the area, as well as to other Arctic license areas, a wide range of research operations were made.

Rosneft and Statoil in 2012 signed the cooperation agreement which includes exploration and well drilling in the Barents Sea and the Sea of Okhotsk. In both areas, Statoil will cover costs for exploration and drilling. The agreement includes three blocks in the far east and one, the Perseevsky area, in the Barents Sea.

Joint ventures are to be established, of which Rosneft holds 66,67 percent and Statoil 33,33 percent. Needed investments in the project amount to about $40 billion, Rosneft says.

According to the cooperation agreement, a total of six wells are to be drilled in the period 2016-2021.