Norway and Russia look for more oil together

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Statoil of Norway and Rosneft of Russia signed a deal on Friday to establish several joint ventures that will launch oil exploration activities in the Okhotsk and Barents seas. They’ll also team up on shale oil projects in the Samara region, reported news bureau NTB.

Both Statoil and Rosneft evolved from being state-owned oil companies to becoming stocklisted with private investors as well, with Rosneft on the Moscow, London and New York stock exchanges.

Their agreement to join forces on new energy ventures was signed in St Petersburg on Friday by Statoil chief executive Helge Lund and Rosnefts chairman and chief executive Igor Sechin. staff