Statoil, Rosneft Start Exploration Operations in Norway’s Barents Sea

Russia’s Rosneft and Norway’s Statoil started explorations operations at the Pingvin License PL713 prospect in the Norwegian section of the Barents Sea.

‘The first exploration well Pingvin-1 will be drilled by the Transocean Spitsbergen rig. The water depth is 422 meters and the drilling target total vertical depth (TVD) is 1516 meters. The companies expect to analyse the drilling results until the end of 2014,’ reads a note released by Rosneft on Monday.  

Rosneft holds a 20% participating interest in 4 fields within the licence PL713 through its 100% indirect subsidiary Energy RN Nordic Oil AS. 

According to Rosneft, the acreage is located in the most promising and prolific area of the Barents Sea. It is close to the discovered Castberg fields.

‘The start of this exploration operations marks an important milestone in developing the cooperation between Rosneft and Statoil. The companies plan to implement their experience of exploration and development of hydrocarbon fields in regions with harsh climate.’ 

This statement further confirms that cooperation with foreign companies is a central part of Russian strategy.  

Recently, President Vladimir Putin lauded Russia’s “old and reliable partner” Exxon Mobil Corp. as he gave the command for the U.S. energy company and ally OAO Rosneft to begin drilling a $700 million exploratory well in the Arctic Ocean.