Statoil cannot replace Russian gas in Europe

The Norwegian oil company Statoil won’t be able to replace Russian gas with their own supplies in the case of the termination of Russian exports to Europe because of the possible escalation of the conflict between Russia and the Ukraine. This was announced by Statoil’s CEO, Helge Lund at the World Petroleum Congress in Moscow.
He admitted that even in case of an increase of the Norwegian supplies it won’t be possible to replace Russian gas. The company’s representative expressed hope for a pragmatic settlement of the dispute between the Ukraine and Russia.
Lund noted that the geopolitical situation had a temporary impact on the industry, which operates on long-term investments. In addition, he emphasized that European consumers now have no problems with the "blue fuel" being pumped into underground storages.
Besides, the Statoil’s head stressed that sanctions against Russia didn’t influence the activities of the Norwegian company in Russia and its cooperation with Russian companies, in particular, with Rosneft.
According to Lund, he continues to interact with Rosneft’s president, Igor Sechin, who is included in the U.S. sanctions list, and the companies work on implementation of Arctic projects.
"We continue to implement the Arctic agreement with Rosneft, it hasn’t changed because of the sanctions. Now we plan to drill six wells,” – he is quoted by the ITAR-TASS.

Contacts at the top management level are continued, he said.

http://www.angi.ru/news.shtml?oid=2813719

Translated by Svetlana Kyrzhaly