Statoil out spends in Gulf lease sale 204

Statoil was the biggest spender in the Western Gulf of Mexico Oil and Gas Lease Sale 204.

Offshore staff

HOUSTON -- Statoil was the biggest spender in the Western Gulf of Mexico Oil and Gas Lease Sale 204.

The company bid $139 million in high bids on 36 tracts, followed by a distant $31 million in high bids from BP. Statoil's single highest bid ($38 million for Alaminos Canyon block 810) was more than total amount of all high bids from BP ($31 million).

The company's high bids include 20 in the Alaminos Canyon area and 16 in the Keathley Canyon area in the deepwater GoM. Statoil will be the 100% owner and operator of all leases awarded, pending final MMS approval.

"We are very pleased with the result of this lease sale," says Øivind Reinertsen, senior vice president at Statoil's office in Houston. "These deepwater leases are promising acreage we look forward to develop in the years to come and they will contribute to securing our long-term commitment in the area."

8/24/2007

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