Eni and Rosneft tie Arctic knot

Arctic deal: Eni chief executive Paolo Scaroni

Eoin O'Cinneide/Upstream

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Steve Marshall

 25 April 2012 12:34 GMT

Eni has struck a deal with Russian state oil company Rosneft for joint exploitation of blocks in the Barents and Black seas that will give the Italian giant access to Arctic acreage with significant resources.

Rosneft will also gain a participating interest in Eni’s international projects under the strategic co-operation agreement signed by the pair in Moscow on Wednesday with president-elect Vladimir Putin in attendance.

The deal follows invitations sent out recently by Rosneft to selected Russian and international players for participation in 12 offshore blocks as it seeks to tap the Arctic frontier play to reverse declining onshore output in Russia by harnessing foreign expertise.

It also provides for the exchange of technology and personnel between the two companies, with Eni already operator of the Goliat oilfield…

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