OSLO: Statoil ASA plans to drill four wells in Russia with state oil company OAO Rosneft, showing Norway’s biggest energy producer is deepening its involvement in the country against the backdrop of international sanctions.
Statoil plans to drill two wells at a heavy-oil pilot project in western Siberia this year and two offshore wells in the Sea of Okhotsk in 2016, said spokesman Knut Rostad.
While Statoil believes the proposals lie outside the scope of sanctions, the plans are an example of how western oil companies are forging ahead with projects even as the political atmosphere shows little sign of improving. The European Union and the U.S. are considering stronger measures against Russia over its role in the Ukraine conflict.
France’s Total SA has said its $27 billion Yamal liquefied natural-gas project is moving ahead, for example. And while Exxon Mobil Corp.’s Arctic exploration venture with Rosneft was halted, the largest U.S. company has added drilling rights in Russia. Exxon CEO Rex Tillerson is due in Russia on Wednesday to meet government officials.
Statoil’s projects need clearance from Norwegian authorities to make sure they’re in compliance with sanctions, Rostad said, declining to comment on the status of those approval processes.
“We are seeking all required approvals from relevant authorities to ensure that we remain in compliance with all sanctions,” he said in an e-mail. “We won’t do anything without having the necessary approvals.”
