StratoilHydro Seeks New Opportunities

Monday, November 10, 2008

StatoilHydro has submitted an application for new production licenses both in the Barents Sea and the Norwegian Sea in the 20th licensing round on the Norwegian continental shelf. The application deadline was Nov. 7.

“In order to clarify the resource base and realize the full potential of the Norwegian continental shelf, it is crucial to have access to new acreage," says Tim Dodson, head of explorations on the Norwegian continental shelf. "

StatoilHydro has made many discoveries, but the size of the finds is still limited.

“Access to acreage which may form the basis of new independent developments is therefore particularly important. StatoilHydro has met all its fixed drilling commitments from the 19th licensing round awarded in the spring of 2006, and we are ready to take on new assignments,” says Mr. Dodson.

In the 20th licensing round 79 blocks or parts of blocks were announced, 51 blocks in the Norwegian Sea and 28 in the Barents Sea. Award of new production licenses is scheduled for March/April 2009.

(www.statoilhydro.com)

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