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JSC Gazprom Neft and Statoil Signed Cooperation Agreement

JSC Gazprom Neft and Statoil formed a joint task force to study possibilities for implementation of joint projects in geological prospecting and production in Russia and abroad.

Cooperation between Gazprom Neft and Statoil is envisaged under the Memorandum of Understanding signed on April 2 by President of JSC Gazprom Neft Alexandr Dyukov and Executive Vice-President of Statoil Peter Mellby who is responsible for geological prospecting and production worldwide.

President of JSC Gazprom Neft Alexandr Dyukov stated: “Joint activities of Gazprom Neft and Statoil enable the parties to exchange the expertise earned in the field of geological prospecting and oil production as well as to join forces of the two companies for maximizing operational efficiency”.

”Memorandum of Understanding with Gazprom Neft - one of the leading oil producers in Russia – is an important step in our efforts to identify new projects in geological survey and production not only in Russia”, said Christopher Maro, President of Statoil Russia.-“Based on complementary technologies and operating experience of both companies Gazprom Neft and Statoil will strive to realize concrete projects in Russia and abroad in the framework of this Memorandum”.

Mr. Maro pointed out that Statoil’s main contribution in the cooperation activities would be its marine technologies particularly in the field of geological prospecting, implementation of Arctic projects and expertise gained in implementation of large-scale projects such as development of Snovit field in the Barents Sea.