Gazprom, StatoilHydro renew Arctic cooperation deal

OAO Gazprom and StatoilHydro have pledged to cooperate on exploration, development, and production operations in the Arctic areas of Russia and Norway.

Uchenna Izundu
OGJ International Editor

LONDON, June 11 -- OAO Gazprom and StatoilHydro have pledged to cooperate on exploration, development, and production operations in the Arctic areas of Russia and Norway.

This memorandum of understanding will last for 3 years and replaces a similar 2005 Arctic cooperation deal between Gazprom, Statoil, and Norsk Hydro AS before Statoil acquired the latter’s assets to establish StatoilHydro in 2007.

StatoilHydro and Gazprom will also work on technologies for exploration, production, and transportation of oil and gas.

Alexei Miller, chief executive officer of Gazprom, said, “The development of the biggest of the projects—the Shtokman field—will become a starting point for the development of Arctic hydrocarbon reserves, a catalyst for the design and adaptation of technologies, which will help our companies operate efficiently in harsh northern climatic conditions. Rich offshore resources of the Arctic as well as unique experience of Gazprom in implementation of major energy projects open dazzling possibilities for further development of our large-scale partnership.”

Helge Lund said its 40 years of experience of developing offshore fields in harsh conditions meant that it had the technologies to share with Gazprom.

Contact Uchenna Izundu at uchennai@pennwell.com.

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