Rosneft and Statoil made mutual warranties by obligations of their affiliates

​Rosneft and Statoil have agreed on mutual warranties on the execution of obligations by the companies’ affiliates.

In the framework of cooperation in the sphere of scavenger oil and gas resources, in Q4 2015 Rosneft and Statoil made mutual warranties of execution of obligations by the affiliates of the parties. The warranties are not limited, unconditional and termless.

Statoil went on cooperating with Rosneft after the introduction of sanctions on a number of Russian companies but corrected a part of its plans in some joint projects so as to meet new requirements.

Statoil and Rosneft continued works by the North-Komsomolsk deposit in respect of scavenger hydrocarbons reserves, the agreement by which was signed in 2013. The operator for extraction is the affiliate of Rosneft – RN-Purneftegas Ltd. In February 2016 the companies started to test 2 wells on the extraction of super-viscous oil at the PK1 layer at the North-Komsomolsk deposit in the Yamal Nenets Autonomous Area.