MOSCOW, June 5 (UPI) -- Statoil has been selected by the Russian gas monopoly Gazprom to develop oil projects both inside and outside Russia.
Russia, still on the hunt to create more of a footprint in the global energy sector, announced Gazprom Neft, the oil subsidiary of Gazprom, will work with the Norwegian oil firm, RIA Novosti reports.
Statoil was one of five firms vying till the very end for a piece of Russia's coveted Shtokman gas field, off the Arctic coast. U.S. firms Chevron and ConocoPhillips, France's Total and Norway's Norsk Hydro also tried to shore up a spot, but Russia announced it would develop the project on its own. It would use partners for specific aspects of the project, though.
Shtokman has 3.2 trillion cubic meters of natural gas, and Gazprom will build a liquefied natural gas plant there.
Itar-Tass reports Statoil will use its offshore technology to explore in the Barents Sea, said Kristoffer Maro, Statoil Russia president.
Statoil's main contribution to the cooperation is its leading offshore technology, especially in the area of exploration, Arctic developments and the execution of large scale projects like the Snohvit field development in the Barents Sea, said Statoil Russia President Kristoffer Maro.
"With Gazprom Neft and Statoil bringing together complementary technologies and operational experience, we aim to build on this MoU to realize tangible business opportunities in Russia and abroad," he said.
"Joint work of Gazprom Neft and Statoil provides the opportunity to exchange the acquired expertise in oil exploration and production areas, and to integrate efforts of both companies in order to achieve the maximum efficient result of the work," said Alexander Dyukov, president of Gazprom Neft.
