StatoilHydro Completes Venezuelan Exploration Campaign

StatoilHydro in Venezuela has completed the third and last well of the minimum exploration program of Block 4, Plataforma Deltana, eastern Venezuela.

The campaign initiated in December 2004 found gas-bearing sands in the Cocuina and Ballena areas. The Orca well was not successful.

StatoilHydro and Total, based on thorough evaluations of the results of this exploration campaign have proposed to the Venezuelan ministry of energy and petroleum to retain acreage around Cocuina in order to assess commerciality.

Plataforma Deltana Block 4 is a license awarded to Statoil by the Venezuelan government in 2003. StatoilHydro, with a 51% interest, is the operator of the license in which Total has the remaining 49%.

Statoil has been present in Venezuela since 1995, and participates in Sincor, the most successful project in the Orinoco Belt that produces, upgrades, and commercializes extra heavy crude oil.