The partnership with the Russian company began on 25 April 2012 when Eni and Rosneft signed a strategic cooperation agreement to jointly explore fields in the Russian sections of the Barents and Black Seas, and to exchange technology and staff. The agreement also envisaged the participation of Rosneft in Eni international projects.

The agreement signed by the former Rosneft President, and the former Eni’s Chief Executive, concerns the joint exploration of Fedynsky and Central Barents fields in the Barents Sea and West Black Sea field in the Black Sea. The agreement foresees the establishment of joint ventures for field development where Eni will hold a 33.33% stake. The agreement also stipulates that the Italian party will finance the necessary geological exploration work to confirm the commercial value of the fields. The deposits are estimated to hold total recoverable resources of 36 billion barrels of oil equivalent.

Technology exchange is a key element of the strategic partnership between Rosneft and Eni. The Italian company will contribute significantly to the joint project by leveraging its extensive experience in Norway and other countries.

In addition, on 23 February 2013 Eni and Rosneft agreed to strengthen their cooperation by signing a strategic agreement to develop trading and oil transportation opportunities. The agreement was signed in Rome by Igor Sechin, Rosneft President and Member of the Management Board, and, CEO of Eni Trading & Shipping (ETS).

The aim of the agreement is to develop synergies between the companies’ respective logistic infrastructure networks and to develop extra profit from oil and refined products production.

On 17 May 2017 Eni and Rosneft signed a Cooperation Agreement for cooperation between the two companies in Russia and abroad in the E&P, refining, trading, logistics and marketing, petrochemicals and technology and innovation sectors.

The meeting consolidated previous agreements for the joint development of exploration activities in the Russian Barents Sea and Black Sea, and will underpin further opportunities between the two Groups, including the Zohr project.

Last updated on 25/09/18