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Saint Petersburg International Economic Forum 2014

Rosneft signs agreements with Norwegian, Azerbaijani, Cuban companies

The documents was signed at the St. Petersburg International Economic Forum

Rosneft CEO Igor Sechin (left) ITAR-TASS/Mikhail Metzel

Rosneft CEO Igor Sechin (left)

© ITAR-TASS/Mikhail Metzel

ST. PETERSBURG, May 24 (Itar-Tass) - Rosneft has signed an agreement with Norway's SeaDrill and North Atlantic Drilling, which is specialized in work under North Atlantic climate conditions. They have agreed on investments and long-term partnership to develop Rosneft's sea and ground projects for the period till 2022.

The document was signed at the St. Petersburg International Economic Forum. It envisages concluding agreements for Rosneft to receive a considerable share in North Atlantic Drilling Ltd and access for the latter to the ground drilling market in Russia and also long-term contracts for ground and sea drilling.

The sides also signed a document to use six rigs in the offshore zone under severe climate conditions. A total of up to nine rigs may be used in the work.

Rosneft and Azerbaijan's SOCAR signed an agreement to set up a joint company for projects to prospect for and extract oil and gas in various regions, including in Azerbaijan and Russia.

Rosneft and Union Cuba Petroleo will cooperate in projects in Cuba. The two companies have signed a memorandum on cooperation, and a working group is formed to implement it.

According to CUPET, oil reserves in Cuba's offshore zone total 20 bln barrels. The U.S. geological service estimates the reserves at 4-9 bln barrels.

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