The companies Dec. 6 signed an operating agreement to set up a joint venture. Rosneft will have 51%, Statoil 49%. The pact follows a June signing of a heads of agreement.
A 3-year pilot program in 12 license blocks will include data acquisition followed by drilling and hydraulic fracturing of pilot wells. After the pilot program, Rosneft and Statoil will jointly select blocks for commercial development.
“If successful, we believe this could be a world-class shale oil asset,” said Helge Lund, Statoil chief executive officer.