Business Week: Norway Open to Rosneft Expansion as Offshore Spending Slides

Norway is open to OAO Rosneft deepening its involvement in the Nordic country as western Europe’s largest oil and natural gas producer seeks to counter a slowdown in investments and output.

The expansion of Russia’s largest oil producer in Norway comes as the country followed the U.S. and the European Union in imposing sanctions over Russia’s support of separatists in eastern Ukraine. Restrictions include a ban on technology transfer for deepwater, Arctic and shale oil exploration and production, while U.S. sanctions limit Rosneft’s access to financial markets.

“The restrictive measures are directed toward export of goods for use in Russia, and will not be relevant for foreign companies’ participation in petroleum activities or licensing rounds” offshore Norway, Oil and Energy Minister Tord Lien said yesterday in an interview in Stavanger, Norway.
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