StatoilHydro to acquire Peregrino project operatorship

StatoilHydro has acquired Anadarko's 50% interest in the Brazilian Peregrino project, pending government approval.

Offshore staff

STAVANGER -- StatoilHydro has acquired Anadarko's 50% interest in the Brazilian Peregrino project, pending government approval. This will give StatoilHydro a 100% working interest and operatorship of the development.

The Peregrino field is located in the Campos basin offshore Brazil. Expected reserves in this heavy oil field are estimated at approximately 500 MMbbl. The field is expected to come on stream in 2010.

The field is being developed with an FPSO and two platforms. Planned plateau production from the field is to be 100,000 b/d of oil, which is expected to be reached within the first year of production. The field development plan was submitted and approved in 2007. All development contracts have been signed and the execution phase of the project has started.

StatoilHydro has also acquired Anadarko's 25% interest in the Kaskida discovery in the Gulf of Mexico, pending government approval as well.

Kaskida is operated by BP (55%) with Devon as co-owner (20%). The discovery is located in block 292 in Keathley Canyon where StatoilHydro already holds several exploration leases.

03/04/2008

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