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Russia’s Rosneft to continue Arctic shelf work with Norway

December 22, 2014, 12:55 UTC+3 MOSCOW

One of Rosneft’s joint programs with Norway will be completed in 2015 but cooperation with Norway will develop further

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© AP Photo/Rosneft press service

MOSCOW, December 22. /TASS/. Russia and Norway will continue cooperation on the Arctic shelf and oil major Rosneft will continue exploration works there, Oleg Sochnev, Director of Rosneft’s department for ecological localization of equipment and technologies, said on Monday.

“We have received no signals that anything will be ended,” he said.

In January 2015, one of Rosneft’s joint programs with Norway will be completed, but Sochnev believes cooperation with Norway will develop further, he said.

Rosneft’s deposits in the Arctic are estimated at 38.3 billion tons of oil equivalent. The company has invested around US $400 billion in its Arctic shelf program in the last 20 years.

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