Statoil and Rosneft signed agreements on joint bidding for exploration licenses in the Norwegian Barents Sea and on Joint Technical Evaluation covering two Russian onshore assets.

This concludes the first implementation agreements envisaged in the strategic cooperation that the two companies entered into on 5 May, 2012.

The agreements were signed by Statoil CEO Helge Lund and Rosneft Chairman and President Igor Sechin at the World Economic Forum in St. Petersburg.

"These agreements show that Statoil and Rosneft are moving rapidly to implement the cooperation agreement signed on 5 May," says Statoil CEO Helge Lund.

"The speed with which we are proceeding reflects our joint commitment and determination to realize the potential of the strategic cooperation," he continues.

Tags: Rosneft, Statoil