Norway's Statoil drilling with Russian company despite sanctions

It is too early to say how the sanctions will have an impact on Statoil’s activities in Russia, according to company official.

Norway's Statoil drilling with Russian company despite sanctions

World Bulletin / News Desk

Norwegian oil company Statoil has started joint exploratory drilling operations with Russian energy giant Rosneft in the Barents Sea in the Arctic, despite Western sanctions targeting Moscow's energy industry.

"It is still too early to say how and to what extent the sanctions will impact Statoil’s activities in Russia and elsewhere," Knut Rostad, global upstream activities communication manager for the company, told the Anadolu Agency on Wednesday, adding that the company is ready to comply with all relevant sanctions.

"We are looking into the details in the sanctions in order to better understand how this may affect us," Rostad said.

The sanctions targeting Russia's energy, finance and defense industries followed Moscow's annexation of Crimea after a disputed self-rule referendum held in March on the heels of the overthrow of Ukraine's pro-Russian president Viktor Yanukovych in February.

In July, the European Union imposed a new series of sanctions against Kremlin, limiting the transfer of technology relating to oil production. A month later, Russia countered by prohibiting imports of fish, vegetables, milk and some dairy products from the EU, U.S., Norway, Canada and Australia.

"We will continue to assess how the sanctions may impact on our projects from case to case," Rostad said.

He added that the collaboration agreement between Statoil and Rosneft, which includes a joint exploration in the Barents Sea and the Sea of Okhotsk in the North Pacific, was signed in 2012.

Statoil has been developing projects in the region since 1980 and was the first company drilling an oil well in the Barents.

Since 1980, it has been conducting 72 oil exploration projects out of a total of 109 in the Norwegian continental shelf area, which includes the North Sea, Barents Sea and Norwegian Sea.  

Güncelleme Tarihi: 22 Ağustos 2014, 10:11