Rosneft agrees Arctic deal with Statoil

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Russia has struck its third groundbreaking exploration deal with a western oil major in as many weeks, as state oil group Rosneft announced it would partner with Norway’s Statoil to drill in the hydrocarbon-rich waters of the Russian Arctic. The deals are a big win for the Russian government, which needs foreign investment and expertise to unlock the country’s vast offshore resources and maintain its status as the world’s largest oil producer, amid declining output in the mature heartlands of western Siberia. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Russia has struck its third groundbreaking exploration deal with a western oil major in as many weeks, as state oil group Rosneft announced it would partner with Norway’s Statoil to drill in the hydrocarbon-rich waters of the Russian Arctic. The deals are a big win for the Russian government, which needs foreign investment and expertise to unlock the country’s vast offshore resources and maintain its status as the world’s largest oil producer, amid declining output in the mature heartlands of western Siberia.