Norway's Statoil and Russia's Rosneft have signed agreements that will result in their Joint Venture to explore offshore frontier areas in the Sea of Okhotsk and in the Barents Sea.
The companies have also concluded a Heads of Agreement to explore shale oil opportunities in the Samara region.
The agreements were signed by Statoil CEO Helge Lund and Rosneft Chairman and President Igor Sechin in St. Petersburg during the International Economic Forum, and Statoil and Rosneft have made another significant step forward in the partnership entered into on 5 May 2012 between the two companies.
Read more: Norway and Russia agree to joint oil and gas exploration
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