MOSCOW (Reuters) - Norway's Statoil will drill in Russian Arctic waters thought to contain 2 billion metric tons (2.20 billion tons) of oil in partnership with Rosneft, marking the third deal of its kind for the Russian state company.
Norway's Statoil will drill in Russian Arctic waters thought to contain 2 billion metric tons of oil in partnership with Rosneft, marking the third deal of its kind for the Russian state company. The agreement, ...
Lundin Petroleum AB, the Swedish explorer focused on Norway, said there won’t be any new oil output in the ice-filled waters of the Arctic for at least 15 years because of technical and logistical challenges.
“I don’t think we’ll see any oil production in the Arctic any time soon — probably not this decade and not the next,” Chairman Ian Lundin said in a Feb. 20 interview in Stockholm. “The commercial challenges are too big.”
By Craig Pirrong: Very interesting of juxtaposition of stories involving Norway and Russia (h/t R).Story one-Norway's Statoil and Russia's Rosneft agree to exploration joint ventures in the Russian Arctic:
As Barack Obama and Vladimir Putin argue over human rights in Russia and the fate of fugitive U.S. intelligence analyst Edward Snowden, the countries’ biggest oil companies are preparing to drill for giant oil discoveries together in the Arctic Ocean.
“No other oil/gas pipeline of this dimension has ever been laid this deep before”
OSLO — Norway’s energy industry shifted its focus further north as oil and gas companies on Tuesday announced over US$10-billion worth of projects in the Arctic to extract and transport offshore natural gas.
Rosneft (ROSN.ME) said on Tuesday it had agreed to sell oil product cargoes to BP (LSE:BP.) worth over $6 billion, on top of a previous deal to sell oil worth $5.3 billion. The Russian state-owned company said in a filing that it would sell up to 3.2 million metric tons of fuel oil to BP Singapore for up to $2.6 billion from the Far East ports of Nakhodka or Vanino in Nov 2013-Dec 2014 with a possibility to lift it in 2015. Rosneft will also sell up to 1.44 million tons of diesel to BP for up to $1.77 billion from the Black Sea port of Tuapse.