DONG Interested in Statoil's Siri Field

DONG is interested in assuming operatorship of the Siri oil field in the Danish North Sea, from operator Statoil as a production unit for its adjacent fields Nini and Celine. Statoil's 40 percent stake in the offshore Siri field could be appealinlg to DONG should it decide to develop the Nini and Celine field. DONG will make a decision on development during the first quarter of 2002.

The Siri field came on stream in 1999 and is estimated to hold a total of 42 million barrels of oil. The Siri field is currently a profitable investment to Statoil, but the field is expected to be in operations for only five to eight years and is already in decline. DONG and Enterprise Oil with each hold a 20 percent interest, Denerco Oil holds a 7.5 percent interest and Philips Petroleum holds the remaining 12.5 percent.