Hydro has entered into an agreement to sell its 10 percent stake in production licences PL064, PL077, PL078, PL097, PL099, PL100 and PL110 in the Norwegian offshore sector, including the Snøhvit gas field development. The buyer is Statoil ASA. At the same time Hydro also entered into another agreement: The purchase of a two per cent interest from Statoil in the PL134B and PL199 licences, including the Kristin field. The Snøhvit transaction is expected to result in an estimated accounting gain for Hydro of approximately NOK 100 million, after tax. "We are very satisfied with the agreements. This is a result of Hydro's active management of the company's oil and gas portfolio, and in line with Hydro's strategic positions.