StatoilHydro Builds Position in the Gulf of Mexico

Statoil and Hydro have submitted the bids in this round independent of each other, and have had no collaboration in preparing for this lease sale.

Due to the merger of the two companies, announced on 1 October, the leases will now be further evaluated by the StatoilHydro organization in Houston.

"This lease sale was yet another important milestone for the company’s build-up in the GoM," says Oivind Reinertsen, senior vice president for North America.

"In just a few years StatoilHydro has grown to be the fourth largest lease holder in the GoM and the second largest in deepwater. We are eager to further develop these assets in the years to come and have a strong team on board to embark on this exiting future."

StatoilHydro has a working interest in five of the 11 largest discoveries in the GoM including the Tahiti, Jack and Knotty Head finds.

Lease sale 205 is part of the current schedule of the minerals management service (MMS) in New Orleans. A total of 73 companies participated in the sale.

StatoilHydro's winning bids are subject to review and final approval by the MMS, which can take up to 90 days.

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