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Provider: Reuters Investment Profile
Provider: Reuters Investment Profile
Provider: Wright Reports
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NK Rosneft' OAO and Statoil ASA form joint venture

Thursday, 5 Dec 2013 07:00pm EST 

NK Rosneft' OAO:Says Rosneft and Statoil ASA signed the Shareholders and Operating Agreement for a joint venture to assess the feasibility of commercial production from the Domanik shale formation.Says the document was signed Igor Sechin, President of Rosneft, and Helge Lund, Statoil CEO.Says the companies will set up a joint venture (JV) company to run a three-year pilot programme and assess the potential for commercial production.Says the JV will be established with equity interests of 51 percent for Rosneft and 49 percent for Statoil.Says both companies will contribute technologies and professionals into the JV.Says the companies were encouraged to move on with the project following the introduction of tax breaks in Sep., according to which a zero rate of MET will be applied to the fields of Bazhenov, Abalak, Khadum and Domanik formations for 15 years.Says in accordance with the agreement, Statoil will provide carry-based funding to perform the pilot survey programme in 12 license blocks.Says the pilot programme will include data acquisition, and the drilling and hydraulic fracturing of pilot wells.Says upon completion of the pilot programme, Rosneft and Statoil will jointly select license blocks in the Samara region for commercial development.