Statoil increases stake in St. Malo

Statoil has increased its working interest in the Chevron-operated St. Malo development in the US Gulf of Mexico to 21.5% by exercising its preferential rights on a proposed sale of Devon's share in the project.

Offshore staff


HOUSTON -- Statoil has increased its working interest in the Chevron-operated St. Malo development in the US Gulf of Mexico to 21.5% by exercising its preferential rights on a proposed sale of Devon's share in the project.

St. Malo is scheduled to be sanctioned later this year together with the Chevron-operated Jack development. First production is expected in 2014.

"St Malo is a major discovery in ultra-deep waters of the Gulf of Mexico, and we are pleased to strengthen our position in this development," says Øivind Reinertsen, head of Statoil’s upstream activities in the US.

"This is a new frontier for all oil companies, and I’m excited that Statoil is such a major player here. We bring in technology and extensive offshore expertise which we believe will benefit us and our partners in developing this play."

Statoil is the third largest leaseholder in these ultra-deep waters which include an additional two discoveries. The company adds that it is engaged in two deepwater GoM drilling operations.

3/9/2010

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