StatoilHydro's Chief Executive Helge Lund has signed two agreements with Rafael Ramirez, Venezuela’s Oil and Energy Minister and CEO of PDVSA.

The first agreement covers the work to quantify the reserves of the block Junin 10 in the Orinoco Belt. The block covers an area of 593 square kilometers. The other agreement is to do a development study for this block.

"With the signing of these agreements, we are confirming our long term commitment to Venezuela and interest to expand our industrial activity in this country. The signing of these agreements represents a great opportunity to StatoilHydro to support the development of the Venezuelan oil business," says Helge Lund.

"As a group we have the commitment to build international platforms for growth, through leveraging technology to manage complexity particular within deepwater, gas value chains, harsh environments and extra heavy oil. A further expansion of our business in Venezuela fits very well with this strategy," he adds.

In Venezuela, the group has been present since 1995 and has a 9.7% interest in the extra heavy oil project, Petrocedeño (former Sincor) that processes, refines, and sells upgraded crude oil.

StatoilHydro is also the operator of Block 4 in Plataforma Deltana, offshore Venezuela, where the exploratory campaign was recently completed.

"The signing of these agreements represents a great opportunity to StatoilHydro to support the development of the Venezuelan oil business," says Lund.