StatoilHydro Preparing Large Oil Services Contract - Exec

OSLO (Dow Jones)

Norway's largest oil company StatoilHydro ASA (STO) is preparing a big maintenance and modification contract for its Norwegian fields and plants, which it plans to put into the market this autumn, an executive said.

StatoilHydro's Chief Procurement Office Anders Opedal told Dow Jones Newswires in a recent interview the company is putting together a package to support operations at most of its offshore oil and gas installations in the coming five to seven years. Onshore installations including Kaarstoe gas process plant and Mongstad, will also be included. The company wouldn't divulge the likely value of the contract because it hasn't yet completed it.

"We want to take out the full potential resources of the maturing (Norwegian) shelf and need to do a lot of drilling and project development to do that. So we're working very closely to secure the necessary rigs and drilling contracts, either for the redevelopment of existing platforms or smaller increased oil recovery projects," Opedal said.

The company is taking a new approach as it compiles this portfolio, dividing it into more parts than in the past, to sharpen competition and attract smaller companies to tender, Opedal said. "There are a lot of new suppliers in the area of maintenance and modifications. Hopefully we'll get competitive rates. We know suppliers are competing, but we want them to also provide safe, efficient and high quality services," he added.

Copyright (c) 2009 Dow Jones & Company, Inc.

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