Norway open to Rosneft expansion as offshore spending slides

Norway is open to Rosneft (OTC:RNFTF) deepening its involvement in the country, as western Europe’s largest oil and natural gas producer seeks to counter a slowdown in investments and output.

Norway is struggling to sustain oil production which has been cut by more than half since its 2000 peak as producers including Statoil (NYSE:STO) and Royal Dutch Shell (RDS.A, RDS.B) have postponed projects and cut planned investments.

Rosneft in partnership with Statoil is currently drilling its first well in Norway's Barents Sea, has signed deals to explore blocks in Russia’s Barents Sea and the Sea of Okhotsk, and plans pilot projects for heavy oil in Siberia and shale oil in the Samara region.

Norway's energy minister says European sanctions against Russia will not be relevant for foreign companies’ participation in petroleum activities or licensing rounds offshore Norway.

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Comments (3)
  • Ludo5312
    , contributor
    Comments (208) | Send Message
    Is there something that the national oil company (STATOIL) and RDS know that Rosneft does not? There appears a contradiction between the information in paragraph 2 and 3. This reads like a wire coming out of the Kremlin. Does 'Seekingalpha' double check their sources as one would expect from a reliable news organisation?
    26 Aug 2014, 12:42 PM Reply Like
  • Chancer
    , contributor
    Comments (4630) | Send Message
    I am glad to see Norway taking this position on Obama's silly Russian sanctions.


    Businesses in EU are being hurt. Putin closed 5 MacDonalds restaurants in Russia.


    Is Obama trying to hurt Russia or maybe just everybody else? This is the guy who does not care about anybody but himself.
    26 Aug 2014, 01:50 PM Reply Like
  • Ludo5312
    , contributor
    Comments (208) | Send Message
    Of course is a part of the EU effort, together with the USA, to level sanctions against the regime in Moscow. As The Economist stated so eloquently, the leaders of the free world had no choice after Putin got entangled in a web of lies for his role in shooting down MH17. That was after Russia annexed illegally Crimea and supplied and equipped these masked bandits on the ground in Eastern Ukraine. Perhaps time to catch up on the facts?
    26 Aug 2014, 07:03 PM Reply Like
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