StatoilHydro

Transaction Type
Sellers
Marketers
Basin
Gulf of Mexico
Post Date
Close Date
Estimated Price
MM
Description

Norway oil company StatoilHydro (NYSE: STO; Oslo: STL) has retained Scotia Waterous Inc. to seek a strategic partner for a joint venture to participate in drilling of its exploration portfolio in the deepwater Gulf of Mexico. The partner will have the opportunity to earn up to 50% of StatoilHydro's interest in exploration prospects targeting the Miocene and Paleogene trends in the deepwater. StatoilHydro has executed drilling contracts for two new-build deepwater dynamically-positioned drilling rigs to begin drilling in 2009. StatoilHydro will retain operatorship. The planned multi-year drilling program could involve leases encompassing 17 prospects. Six prospects are currently near-term drilling candidates. The partner could have the opportunity to participate in additional drill options. The bid due date is in mid-October. Contact Ron Gajdica, 832-476-6401.