Offshore staff

OSLO, Norway -- Hydro and six other oil companies have agreed to harmonize their interests in three Norwegian North Sea production licenses, PLs 053B, 055B, and 185. The main asset within this acreage is the giant Brage field, which has been in production since 1993.

Output, however, has been declining for some years. To sustain the facilities, the seven partners will work to improve coordination of their activities relating to undeveloped resources in the Brage area.

Subject to approval from Norway's Ministry of Oil and Energy, the new interests in all the licenses will be Hydro (operator, 20%), Talisman (34.25%), Petoro (13.4%), Statoil (12.7%), Altinex (12.62%), Endeavour (4.44%), and Revus (2.57%).

11-28-06