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Norwegian company interested in developing Russian shelf - newspaper

North Energy is already developing the Norwegian part of the shelf in the Barents Sea together with Russian company Lukoil

MOSCOW, August 27. /TASS/. Norwegian company North Energy plans to pursue exploration as well as development and production of oil and gas in the Russian sector of the Barents Sea, the Izvestiya daily wrote on Thursday citing the company’s 2014 annual report.

North Energy is already developing the Norwegian part of the shelf in the Barents Sea together with Russian company Lukoil. Fur future projects, North Energy will look for a Russian partner, Vice President for organization and communication Kristin Ingebrigtsen told Izvestiya. "The Barents Sea is the main area of work for us, and we plan to enter the Russian shelf in the future," the daily quotes Ingebrigtsen as saying. "For now, it is impossible for many reasons, also due to low oil prices, but we hope for stabilization," she added.

North Energy does not intend to develop projects alone and wants to "share risks", Ingebrigtsen noted adding that it will look for a partner in Russia. "Among Russian companies, Lukoil can become our partner, but we do not hold talks with them on the matter yet," she said.

"North Energy’s business purpose is to pursue exploration for as well as development and production of oil and gas on the NCS and in the Russian sector of the Barents Sea, and to be able to own or participate in companies which conduct similar activities, including through subsidiaries," the company said in its 2014 annual report.

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