Arctic oil exploration one step closer

Russia’s Rosneft and Italy’s Eni have signed a deal to jointly explore for oil and gas in the Arctic. The two firms said in a statement that they would set […]

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By Tom Gibson

Russia’s Rosneft and Italy’s Eni have signed a deal to jointly explore for oil and gas in the Arctic. The two firms said in a statement that they would set up a joint venture to explore two oil fields in the Barents Sea and one oil deposit in the Black Sea.

The companies claim the three deposits are estimated to contain a total of 36 billion barrels of oil equivalent. Eni will hold a 33% stake in the project.

Rosneft has stepped up its exploration goals, after it signed a different agreement last week with ExxonMobil to explore the Russian Arctic and Black Sea regions similarly.

Last year a deal between Rosneft and BP for exploration in the Arctic fell through.