Rosneft is about to start drilling its first oil well in Norway with the help of Norwegian state-owned Statoil despite Russia’s oil industry being subject to extensive European sanctions.
The well in the Barents Sea, inside the Arctic Circle, is in one of the four fields in which Rosneft won a 20 per cent stake in the Norwegian licensing round last year.
It marks the latest foreign co-operation with Rosneft, showing the limits of the sanctions, which apply only to future contracts and partnerships.
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