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Gazprom, Hydro and Statoil sign northern areas agreement

June 20, 2005, 17:30 CEST

Gazprom, Hydro and Statoil will enter into a cooperation to identify oil and gas resources and develop technological solutions for oil and gas activities in far northern regions.

The agreement was signed on 20 June in Moscow during Norwegian Prime Minister Kjell Magne Bondevik's official visit.

The agreement should establish closer cooperation between the involved companies in their work to map out petroleum resources in the far northern regions of Norway and Russia.

In addition to setting the course for the development of technological solutions for petroleum activities in the area, the agreement emphasizes identifying environmental conditions.

The cooperation will also strive to define health, environment and safety standards that can be applied to oil and gas activities in the northern areas, as well as to develop methods used for analyzing environmental consequences.

Through the agreement, the companies will also identify what is needed to satisfy the technological and commercial development of Russian suppliers in the region's emerging petroleum industry. The exchange and training of personnel and closer technological cooperation between the companies will be established through the cooperation.

The work will be led by a joint committee with representatives from Gazprom, Hydro and Statoil.