Rosneft receives share of block in Norway's Castberg field

6/13/2013

Rosneft receives share of block in Norway's Castberg field

BY LUKAS I. ALPERT

MOSCOW -- Rosneft said that one of its subsidiaries had been awarded a 20% interest in four blocks on Norway's continental shelf in the Barents Sea.

The subsidiary, RN Nordic Oil AS, will work with Statoil to develop the promising blocks that lay in the recently discovered Skrugard and Havis areas in the Castberg fields. Norway has estimated the field in total contains between 400 MMbbl to 600 MMbbl of recoverable oil.

This license award marks for Rosneft a promising firm entry into the Norwegian continental shelf in the Barents Sea. It also marks a major step in developing the long term cooperation with Statoil Rosneft said in a statement.

Rosneft and Statoil are also partners in exploring oil and gas fields beneath the Arctic Sea.

The company said the blocks, which cover 1,213 sq km, were one of the largest offshore fields available in the latest licensing round held by the Norwegian Ministry of Petroleum and Energy.

Dow Jones Newswires

Related News ///

FROM THE ARCHIVE ///

Comments ///

comments powered by Disqus