Norway Gives Green Light to Statoil for Joint Oil Projects With Rosneft

Stavanger-based energy giant Statoil received authorisations from the Norwegian authorities to continue its participation in joint projects with Rosneft, a Russian oil titan that was the target of Western sanctions in 2014.

MOSCOW (Sputnik) — Norwegian authorities have given the Stavanger-based energy giant Statoil the go-ahead on joint projects with Rosneft, a Russian oil titan that was the target of Western sanctions in 2014, the Norwegian company said in its annual report unveiled on Thursday.

Statoil and Rosneft previously agreed on four projects to explore and produce oil on the Russian continental shelf in the Barents Sea and in the Sea of Okhotsk close to the Arctic Circle. Additionally, there are two joint cooperation projects onshore.

"Statoil has received certain authorisations from the Norwegian authorities to continue its participation in the projects described above," the report said.

It added, however, that the financing of these joint projects depends on "obtaining further governmental authorisations and clarifications."

Last year, Norway upheld economic sanctions that the European Union and the United States imposed on the Russian energy sector over Moscow's alleged role in the Ukraine crisis. The restrictions targeted Rosneft and its affiliates, among other Russia-based companies, and prevented them from raising capital overseas.