Gazprom and Statoil sign Sci-Tech Cooperation Agreement

Gazprom and Statoil sign Sci-Tech Cooperation Agreement

Pursuant to the Agreement, the parties will expand cooperation in such areas as geological exploration and development of hydrocarbon fields; hydrocarbons production and treatment before transportation; technologies and equipment for the hydrocarbons transportation; environmental protection of the Northern seas and territories; Health, Safety and Environment issues under northern conditions; energy saving; renewable energy sources; gas processing; project management and corporate governance.
According to the document Gazprom and Statoil will compile a Sci-Tech Cooperation Program to be adjusted every 1 to 3 years for the purpose of joint efforts coordination.
In October 2007, the merger of the oil and gas businesses of Hydro and Statoil resulted in the creation of the merged company StatoilHydro. In November 2009, StatoilHydro was renamed to Statoil.
Oil and gas exploration and production are the core businesses of Statoil. The company has been producing hydrocarbons on the Norwegian continental shelf for over 35 years and is the pioneer in offshore projects implementation in  harsh climatic conditions.
The government of Norway is the major shareholder of Statoil (67 per cent).
Gazprom and Statoil are partners in Phase 1 of the Shtokman gas and condensate field development.
In June 2009, Gazprom and Statoil signed the Memorandum of Understanding. The document provides for joint activities of the companies in the area of exploration, development and production of  hydrocarbon resources in northern regions.