Statoil and partner RN Nordic Oil, a Rosneft subsidiary, began exploration drilling on the Pingvin prospect in production license 713 in the Norwegian Barents Sea using the Transocean Spitsbergen semisubmersible drilling rig (pictured) in 422m water depth.
Rosneft said today that the well is an "important milestone in developing the cooperation between Rosneft and Statoil. The companies plan to implement their experience of exploration and development of hydrocarbon fields in regions with harsh climate."
The move comes as Rosneft faces increasing sanctions over the conflict in Ukraine.
Rosneft's CEO Igor Sechin was been named a specially designated national by the US Department of the Treasury earlier this year, a sanction which aims to limit US national's dealings with such people.
The EU also set sanctions hoping to stop Russia using advanced oil technologies for offshore drilling, specifically in deepwater, the Arctic and shale. The sanctions did not include gas exploration.
Shortly before these sanctions were imposed, Rosneft and North Atlantic Drilling Limited (NADL) agreed a number of long-term contracts on drilling units for use offshore Russia.
Sanctions have not stopped ExxonMobil and Rosneft start exploration drilling in the Kara Sea last week.
According to Statoil, the Barents Sea well is "sanctions compliant." The drilling target is at a total vertical depth (TVD) of 1516m.
RN Nordic Oil holds 20% in Pingvin, with Statoil holding 40%. The other partners on the well are North Energy and Edison International's Norwegian business unit.
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