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. Last Updated: 07/27/2016

Statoil, Gazprom Neft to Mull Venture

OSLO -- Norway's Statoil has agreed with Gazprom Neft to study opportunities for joint projects in Russia and overseas, Statoil said Tuesday.

Statoil was one of five Western oil companies that were disappointed last year when Gazprom decided not to offer them stakes in the development of the huge Shtokman gas field in the Barents Sea.

Under the new agreement, Statoil will mainly contribute its offshore technology, especially in exploration, Arctic developments and in the execution of projects, such as its Arctic Snoehvit field in the Barents Sea.

"With Gazprom Neft and Statoil bringing together complementary technologies and operational experience, we aim to build on this [agreement] to realize tangible business opportunities in Russia and abroad," Kristoffer Maroe, president of Statoil Russia, said in a joint statement.