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Rosneft and Equinor have established joint ventures to explore the three licences with Equinor holding 33.33%. in the Sea of Okhotsk. During summer 2016, Statoil and Rosneft drilled 2 wells in the Magadan-1 licence and in the Lisyansky licence. The Sea of Okhotsk is located south of the Arctic Circle and both wells are located in shallow waters.