Hydro has been offered ownership stakes and operatorships in 12 areas, as well as ownership stakes in a further five areas, in connection with APA 2005, an annual round of awards relating to mature areas of the Norwegian continental shelf.
"The award provides a good foundation for developing our core areas of the Norwegian continental shelf further," says Lars Christian Alsvik, head of Development Norway.
"Development of our core areas is an important part of Hydro's efforts relating to the Norwegian continental shelf. High oil prices and a well-developed infrastructure create the basis for continued high exploration activity in these areas. The areas awarded are primarily additional areas close to already proven discoveries, and areas adjoining prospects we are currently assessing."
"Hydro has discovered oil and gas in six of the nine exploration wells the company has drilled as an operator on the Norwegian continental shelf during 2005. The discoveries have been made both in mature areas and in under-explored areas of the Norwegian continental shelf", Alsvik comments.
The company has also submitted an extensive application to the 19th licensing round, where awards will be made during the first quarter of 2006.
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