Statoil Sells Minority Stake in LL 652 Oil Field in Venezuela

Statoil Venezuela has agreed with Venezuelan state oil company Petroleos de Venezuela SA (PdVSA) on a settlement for Statoil's minority participation in the LL 652 oil field in Lake Maracaibo.

The settlement with PdVSA means that Statoil will no longer have a holding in this field.

The parties do not wish to disclose the details of the settlement.

"I'm pleased that we have found a solution for LL 652 which is mutually acceptable to Statoil and PdVSA," comments Thore Kristiansen, country president for Statoil Venezuela.

Statoil is operator for block 4 of Plataforma Deltana and also has an interest in Sincor, the most successful heavy crude project in Venezuela.

Mr. Kristiansen emphasizes that Statoil will continue its commitment in Venezuela, and says that the group is looking forward to evaluating new opportunities when they become available.

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