BP and Rosneft have teamed up to explore three blocks in the South Kara Sea. Under the deal announced 14 January 2011, the pair will explore and develop EPNZ 1, 2 and 3 on the Russian Arctic continental shelf. Rosneft was awarded the licenses, which cover 125,000km2, last year. The three blocks cover a prospective area of the South Kara Sea that is ‘roughly equivalent in size and prospectivity to the UK North Sea,’ according to BP. Following completion of this agreement, Rosneft will hold 5% of BP’s ordinary voting shares in exchange for 9.5% of Rosneft’s shares. BP said the share swap creates ‘strategic alignment to pursue joint projects and demonstrates mutual confidence in the growth potential of both companies. In addition, BP and Rosneft will establish an Arctic technology centre in Russia to develop technologies and engineering practices for the safe extraction of hydrocarbon resources from the Arctic shelf. BP’s announcement said the technology centre would build on ‘BP’s deep offshore experience and learnings with full emphasis on safety, environmental integrity and emergency spill response capability. The pair will continue their joint technical studies in the Russian Arctic to assess hydrocarbon prospectivity beyond the Kara Sea. In other news, BP announced on 17 January 2011 it had been awarded four deepwater offshore blocks in the Ceduna Sub Basin within the Great Australian Bight, off the coast of South Australia. BP said that it will explore EPP 37, EPP 38, EPP 39 and EPP 40 covering an area of 24,000km2. Phil Home, managing director of BP’s Australian upstream oil and gas business, said, ‘Our experience tells us that the geology [of the Ceduna Sub Basin] has a high potential for containing hydrocarbons. BP said that the proposed exploration activity would be phased over 6 years and, as part of the regulatory approval process, would be subject to detailed environmental assessment.
Fonte: Oil Online News