Rosneft is looking for asset swaps in Norway: subsidiary CEO

The logo of Russia's top crude producer Rosneft is seen at the company's headquarters, behind the Kremlin wall, in central Moscow, Russia, May 27, 2013. REUTERS/Sergei Karpukhin/File Photo

OSLO (Reuters) - Russia’s oil company Rosneft is looking for assets on the Norwegian continental shelf to swap with its assets in Russia, the chief executive of Rosneft’s subsidiary in Norway said on Thursday.

Halfdan Millang, head of RN Nordic Oil, Rosneft’s Norwegian subsidiary, said the company was bidding for acreage in Norway’s 24th licensing round, but also looking at “inorganic” growth opportunities.

“Primarily we are looking at assets swaps. Not necessarily only in the Barents Sea, but on the whole Norwegian shelf,” Millang told Reuters on the sidelines of an industry conference.

RN Nordic Oil was also in the process of pre-qualifying for operatorship on the Norwegian shelf, he added.

Reporting By Henrik Stolen and Nerijus Adomaitis