2009-08-19-2007-10-01

To acquire interests in Mariner and Bressay fields on continental shelf with 64.6% in Bressay Field and 45% in Mariner Field.

Norsk Hydro ASA, Oslo, Norway, (NYSE, Oslo: NHY) plans to acquire the interests in the Mariner and Bressay fields on the U.K. continental shelf from Chevron North Sea Ltd., a subsidiary of Chevron Corp., San Ramon, Calif., (NYSE: CVX) for an undisclosed price. The deal includes 64.6% in Bressay Field and 45% in Mariner Field, consisting of Mariner and Mariner East. Hydro will conditionally assume operatorship of the fields and could possibly create a hub in the area for more potential tie-ins. "I am very pleased that we have reached this agreement with Chevron," says Torgeir Kydland, head of International Business Development in Hydro's Oil & Energy business area. Head of international business development of Hydro's oil and energy business Torgeir Kydland says, "Hydro has been looking for areas where our heavy oil experience could be a way of increasing commerciality in new fields. These prospects are near to our home ground, and what we have learned from the development and production at Grane has proven useful also in the development work at Peregrino and increasing the recoverable reserves there."