The two companies, which both have license stakes in the Norwegian Barents Sea, agree to “investigate possibilities for cooperation in the Norwegian and Russian offshore sectors”, a press release from Lundin reads.
The deal is part of the two companies` agreement over the Lagansky Block, a major project in the Russian Caspian Sea. Lundin is selling a 45,7 percent stake in the operating company Petroresurs to Rosneft.
“This transaction will allow the partners to realise the full potential of this exciting opportunity and to move forward with appraisal and development,” Lundin President and CEO Ashley Heppenstall says.
With the agreement, Lundin could ultimately get stakes in one or several of Rosneft`s major projects in the Russian Arctic. Similarly, Rosneft could cooperate with Lundin in projects on the Norwegian Arctic shelf.
Lundin is involved in several licenses in the Norwegian Barents Sea, among them at Gohta, the field where the company this week announced the discovery of up to 23 million Sm3 of oil. Lundin is also working with Lukoil in one of the easternmost blocks on the Norwegian Arctic shelf.
Rosneft and its subsidiary RN Nordic has on the other hand a 20 percent stake in a Barents license operated by Statoil. On the Russian side of the border, Rosneft operates several major licenses, among them to fields explored together with Eni and Statoil.
