Norsk Hydro sets up in Houston

Norsk Hydro held the official opening of its new Houston office on the first day of the Offshore Technology Conference. Norwegian Minister of Petroleum and Energy Einar Steensn?s was the guest of honor at this event.
Norsk Hydro's office, staffed by 16, is the beginning of what the company hopes will grow into a significant Gulf of Mexico presence. "The match between what the Gulf of Mexico and Houston can offer and our ambitions to further develop and utilize our technology to grow has been a driver to access this area," said Norsk Hydro President and CEO Eivind Reiten.
Norsk Hydro has a presence in more than 70 countries and has invested in two major frontier areas: offshore Eastern Canada and Trinidad and Tobago. The move to gain entry into the GoM began some time ago and concluded with a fairly recent farm-in deal with Conoco. The company considers the GoM appealing because it offers a solid resource base and has the advantage of attractive political and fiscal regimes. Norsk Hydro plans to expand its working relationships beyond the initial farm-in with Conoco and to expand its network in the Gulf Coast region.
A company representative expressed Norsk Hydro's intention to expand the newly opened Houston office into a core area. Admittedly, the North Sea is quite different in its challenges from the Gulf of Mexico, and Norsk Hydro is well aware that there is a lot to be learned from the Gulf.
"We are pleased to be part of the business environment in the oil capital of the world," Reiten said.