StatoilHydro acquires stake in 50 GoM blocks

StatoilHydro has acquired a 40% stake in 50 blocks in the frontier DeSoto Canyon area from BHP Billiton.

Offshore staff

OSLO -- StatoilHydro has acquired a 40% stake in 50 blocks in the frontier DeSoto Canyon area from BHP Billiton.

DeSoto Canyon is east of StatoilHydro's current production operation at Independence Hub in the Gulf of Mexico. Area water depth is about 1,000 m (3,281 ft).

StatoilHydro and BHP Billiton bid at the recent OCS Central Lease Sale 208 on 14 additional blocks within the trend, and together the two companies were the apparent high bidder on all blocks.

The issuance of leases on these 14 blocks is subject to the Minerals Management Service's final approval.

04/14/2009

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