Rosneft and Eni signed a Strategic Cooperation Agreement to jointly explore fields in Russian sections of the Black and Barents Seas and exchange technology and staff. The agreement also envisages Rosneft's participation in Eni's international projects.
The agreement, signed by Rosneft President Eduard Khudainatov and Eni CEO Paolo Scaroni, envisages cooperation between the parties to set up a joint venture to explore the Fedynsky and Central Barents fields in the Barents Sea and the Western Chernomorsky field in the Black Sea. Eni will hold 33.33% in the joint project. The agreement stipulates that Eni will finance comprehensive geological exploration work to confirm the commercial value of the fields.
The deposits are estimated to hold total recoverable resources of 36 billion barrels of oil equivalent. The Barents Sea fields are very promising due to their proximity to an offshore area in Norway in which at least three large fields have been discovered in recent years. Seismic data and the recent discovery of hydrocarbons in the Romanian section of the Black Sea mean it is highly likely that oil and gas will be found at the Western Chernomorsky field.