Statoil - Offshore Canada Licenses

Wednesday, November 19, 2008

StatoilHydro was awarded an interest in two licenses off the coast of Newfoundland, Canada, in a land sale award announced 17 November 2008. The company will operate one of the licenses.

"We are pleased with the results of this license round. It shows our commitment to the region and our ambition to explore the offshore areas of the east coast of Canada," said Svein Ivar Leivestad, head of offshore exploration in StatoilHydro Canada.

The first license is in the Flemish Pass Basin, close to StatoilHydro's Mizzen well that will be drilled this winter. StatoilHydro is the operator with a 65% working interest, with Husky as the partner with 35%.
The second license is in the Jeanne d’Arc Basin, with a 50% StatoilHydro interest. Petro-Canada is the operator.

StatoilHydro is a partner in the Hibernia and Terra Nova fields offshore Canada, with 5% and 15% working interest respectively, in addition to being a partner in developing the Hebron offshore field.

(www.statoilhydro.com)

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