Rosneft circumvents the EU sanctions

Russian state-owned oil company Rosneft has signed agreements with Norwegian and Swiss companies. Thus, it circumvented the EU sanctions, which prohibit the delivery of technologies and equipment for deep-sea oil production, including on the Arctic shelf.

In early August 2014, Rosneft bought a stake in one of the world's largest oilfield service companies-contractors - Swiss Weatherford, the company’s press centre reported.

Under the agreement, the Russian side received eight structural units, engaged in drilling and workover in Russia and Venezuela.

The parties also agreed on long-term cooperation in the field of oil services. The deal amount is undisclosed. However, as it became known from the decision of the Russian company’s Board of Directors dated July 28, Rosneft paid not more than $398.3 million for Swiss assets.

Rosneft also signed a long-term agreement for drilling of offshore wells with Norwegian North Atlantic Drilling Ltd. The agreement includes the use of six offshore rigs for offshore production, including in the Arctic, till 2022.

Last week, the European Union banned the supply of technologies for deep-sea oil drilling to Russia, and therefore the great projects of Rosneft on the shelf were threatened.

However, the contracts with the Norwegian and Swiss companies will allow Russia to circumvent these restrictions.