Rosneft secures licenses in Barents Sea

Jan 20, 2012 12:00 AM

The Russian state-owned oil major pays EUR 27,7 mm for control over prospective licenses in the Barents Sea.
The licenses were obtained without a tender or auction. The sum of EUR 27,7 mm covers several structures in the area, information from the Russian Mineral Agency (Rosnedra) confirm.

The license acquisition comes after the Russian government in December 2011 decided to grant Rosneft control over exploration and production at the fields. The licenses cover the Tsentralno-Barentsev, Perseevsky and Fedynsky structures.
The structures could hide huge hydrocarbon resources.

As believed by experts, the Russian part of the Barents Sea might be among the most oil and gas-rich offshore areas in the whole Arctic. Russia will start up seismic studies in the area in summer 2012.
Last year's ratification of the Russian-Norwegian demarcation line in the Barents Sea has resulted in a major upswing in the interest in the area among oil and gas companies.

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