Norway Supports Statoil, Rosneft JV

Norwegian authorities have given the Stavanger-based energy giant Statoil (STO) the go-ahead on joint projects with Rosneft, a Russian oil titan that was the target of Western sanctions in 2014.

Statoil and Rosneft previously agreed on four projects to explore and produce oil on the Russian continental shelf in the Barents Sea and in the Sea of Okhotsk close to the Arctic Circle. Additionally, there are two joint cooperation projects onshore.

Statoil has received certain authorisations from the Norwegian authorities to continue its participation in the projects described above, RIA Novosti reports.

The financing of these joint projects depends on "obtaining further governmental authorisations and clarifications."

Last year, Norway upheld economic sanctions that the European Union and the United States imposed on the Russian energy sector. The restrictions targeted Rosneft and its affiliates, among other Russia-based companies, and prevented them from raising capital overseas.