Gazprom Neft, Statoil forge oil E&P partnership

Statoil ASA and Gazprom Neft, based on a memorandum of understanding signed in April, have established a joint working group aimed at assessing possible joint venture exploration and production projects in Russia and overseas.

Jun 5th, 2007

Uchenna Izundu
International Editor

LONDON, June 5 -- Statoil ASA and Gazprom Neft, based on a memorandum of understanding signed in April, have established a joint working group aimed at assessing possible joint venture exploration and production projects in Russia and overseas.

The firms did not announce when their assessments would begin or which areas they would cover outside of Russia.

Gazprom Neft Pres. Alexander Dyuko said the companies' joint work would provide the opportunity to exchange the acquired expertise in oil E&P areas, and to integrate efforts of both companies in order to achieve the maximum efficient results.

According to Kristoffer Marø, president of Statoil Russia, Statoil's main contribution to the venture will be its offshore technology, especially in the area of exploration, Arctic developments, and the execution of large-scale projects like the Snøhvit field development in the Barents Sea.

Contact Uchenna Izundu at uchennai@pennwell.com.

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