Gazprom Neft and Statoil Sign Cooperation Agreement

Gazprom Neft and Statoil have established a joint working group to start evaluating possible joint exploration & production projects in Russia and overseas.

This cooperation is organized under the Memorandum of Understanding (MoU) signed on April 2, 2007 by Alexander Dyukov, president of Gazprom Neft, and Peter Mellbye, executive vice president of Statoil responsible for international exploration & production.

"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.

"The MOU with Gazprom Neft - one of the leading oil companies in Russia - is an important building block in our pursuit of seeking exploration and production opportunities not only in Russia," said Kristoffer Marø, president of Statoil Russia.

"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."

Mr Marø underlined that 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 Snøhvit field development in the Barents Sea.

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Posted 06/06/07

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