Rosneft President, Chairman of the Management Board Igor Sechin held a working meeting with Statoil ASA CEO Helge Lund in Norway.

The parties discussed implementation of the joint projects in Russia’s Barents Sea (Perseyevsky License Area) and the Sea of Okhotsk (Magadan-1, Lisyansky, and Kashevarovsky License Areas). The two noted the progress made in setting up joint ventures to develop these offshore fields.

Igor Sechin also highlighted that the new hydrocarbons exploration and development tax incentives adopted in Russia would make the development of offshore fields in Russia almost 2.5 times more efficient.

In terms of the meeting the parties also discussed expanding of cooperation between Rosneft and Statoil.