Rosneft Enters Norway’s Barents Sea with Stake in PL 713

Following the results of the 22nd Licensing Round announced by the Norwegian Ministry of Petroleum and Energy, RN Nordic Oil AS, a 100% indirect subsidiary of Rosneft, has been granted the award of a 20% participating interest in the license PL713 covering the area of 1,213 sq. km.

License PL713 consists of four promising blocks: 7219/2,3 and 7319/11,12. RN Nordic Oil AS will develop the blocks in partnership with Statoil, that will act as operator. The acreage is one of the biggest that was applied for and is located in the most promising and prolific area of the Barents Sea next to recently discovered Castberg fields (Skrugard and Havis).

This license award mark for the Rosneft a promising firm entry into Norwegian continental shelf in the Barents Sea. It also marks a major step in developing the long-term cooperation with Statoil – a strategic partner of Rosneft. The companies will apply their best practices when implementing the cooperation agreement for exploration and further successful development of resources in this technologically and climatically challenging region.

Rosneft Vice President for Offshore Projects Zeljko Runje said: “We are pleased to have been awarded the license and look forward to making active contributions to the License work programme. We are convinced that application of latest technologies jointly with our strategic partner Statoil will enable us to develop these acreages in the most efficient way”.