Rosneft, Statoil to set up Russian shale oil venture

OSLO: Russian energy firm Rosneft and Norway's Statoil agreed to set up a joint venture to assess the viability of shale oil production in Russia's Samara region, the firms said on Friday.

The two companies will run a three-year pilot programme and assess the potential for commercial production.

Rosneft will hold 51 of the venture while Statoil will hold the rest.

"In accordance with the agreement, Statoil will provide carry-based funding to perform the pilot survey programme in 12 licence blocks," Statoil said.

"The pilot programme will include data acquisition, and the drilling and hydraulic fracturing of pilot wells."