eni rosneftAt the Saint Petersburg International Economic Forum today, Rosneft and Eni signed a Declaration on Protection of the Environment and Biodiversity for Oil and Gas Exploration and Development on the Russian Continental Shelf.

Rosneft and ENI have been working jointly on offshore oil and gas exploration since signing a Strategic Cooperation Agreement in April 2012 which provides for the joint development of licenses in the Black Sea (Western Chernomorsky block) and the Barents Sea (Fedynsky block and Central Barents block) on the Russian shelf, the exchange of technologies and personnel, as well as Rosneft’s acquisition of a participating interest in Eni’s international projects.

In their release last year, Eni estimates that between the two areas, there exists 36 billion barrels of recoverable oil.

Today’s declaration publicly voices their shared commitment to the sustainable development of the Arctic region, including minimizing the impact on indigenous population and climate through “the continuous improvement of technologies and operating procedures.”

ENI and Rosneft agree to conduct regular monitoring of the natural landscape and seas of the Arctic region, and strengthen international cooperation taking into account the Arctic Environmental Protection Strategy.

The companies will also discuss opportunities to establish a Coordination Center with the Russian space agency Roscosmos, the Russian Ministry of Transport and the Ministry of Russian Federation for Civil Defense, Emergencies and elimination of Consequences of Natural Disasters.

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  • Doug Bostrom

    We need to coin a better term for our long term lease than “sustainable.” As somebody else recently remarked, if you’re asked how your marriage is going and you reply “it’s sustainable” then you’re not exactly conveying a ringing endorsement. :-)

    We’re pretty much married to the planet, so hopefully we can do better than sustenance living.

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