BP Exploration and Norway's Den norske stats oljelskap AS have agreed to assess opportunities for international joint ventures.
The agreement, disclosed last week in Stavanger, Norway, covers:
- Exploration and development in the U.S.S.R. and West Africa and off China and Viet Nam.
- A technical research program to support the upstream campaign.
- Use of existing and new North Sea infrastructure to transport U.K. and Norwegian gas to markets in the U.K. and continental Europe and joint marketing of gas in the U.K.
The companies expect to take 3-4 months to decide how to set up joint ventures in each activity. The ventures would be run by staff assigned from both companies.
Exploration and development programs are to focus on major frontier areas where a BP-Statoil partnership would constitute "a strong competitive force."
The research program, to involve as much as $20 million/year, would be based mainly in Norway.
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