StatoilHydro, Ecopetrol sign GoM agreement

StatoilHydro has signed an agreement with the Colombian oil company Ecopetrol America Inc. under which the two companies will form a joint exploration team for the Gulf of Mexico and drill three or more wells in the coming years.

Offshore staff

OSLO -- StatoilHydro has signed an agreement with the Colombian oil company Ecopetrol America Inc. under which the two companies will form a joint exploration team for the Gulf of Mexico and drill three or more wells in the coming years.

Under the agreement the companies will also further mature prospects to potential drilling. StatoilHydro will remain the operator for all prospects.

Ecopetrol will farm in with interests of around 20-30% in the wells covered by the agreement.

Two rigs are scheduled to drill for StatoilHydro in the Gulf next year.

12/23/2008

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