Statoil plans to drill four oil wells in Russia

Norwegian oil and gas firm Statoil intends to drill four oil wells in Russia in co-ordination with state oil company OAO Rosneft.

The possible projects indicate the firm’s expansion to Russian markets with international backing.

Two onshore wells will be drilled in western Siberia within the year, according to the company plans.

Bloomberg cited Statoil spokesperson Knut Rostad saying that the company will also be responsible for two more offshore drillings in the Sea of Okhotsk next year.

The projects await approvals from Norwegian authorities to ensure their compliance with sanctions.

Rostad was quoted by Bloomberg as saying: "We are seeking all required approvals from relevant authorities to ensure that we remain in compliance with all sanctions.

"We won’t do anything without having the necessary approvals."

The onshore drillings will be done for heavy-oil project at North Komsomolskoye in Siberia, which the firm says is not affected by sanctions.

Further tests will, however, be conducted at the project site in 2016 to determine the commercial viability of oil production.

All the four initiatives are a part of the company’s agreements with Rosneft since 2012.