Rosneft to drill Norway Arctic well with Statoil despite sanctions

|About: Rosneft Oil Company OJSC (RNFTF)|By:, SA News Editor

Rosneft (OTC:RNFTF) is preparing to drill its first well offshore Norway with Statoil (NYSE:STO) even as Russia and its biggest oil company face sanctions over the conflict in Ukraine.

STO, which says the well is complaint with sanctions, says it got consent from authorities to drill at the Pingvin prospect in the Barents Sea and will spud the well this weekend; STO is the operator with a 40% stake, while Rosneft has 20%.

STO has signed deals with Rosneft to explore blocks in Russia’s Barents Sea and the Sea of Okhotsk, as well as pilot projects for heavy oil in Siberia and shale oil in the Samara region.