StatoilHydro Snags 16 High Bids in Chukchi Sea Lease Sale

StatoilHydro was the high bidder on 16 leases, of which 14 were joint bids with ENI Petroleum, in Chukchi Sea Lease Sale 193 in Alaska announced on Feb. 6. StatoilHydro will be the operator of all leases.

This is the first lease sale in the Chukchi Sea since 1991. The area is considered a frontier area with no production or infrastructure as of today. The Chukchi Sea is located offshore Alaska northwest of Prudhoe Bay.

"This lease sale is another step for the company's future growth. We will use our experience and competence from 30 years of oil and gas operations in harsh environments on the Norwegian continental shelf on the awarded leases," says Bill Maloney, senior vice president for Global Exploration in StatoilHydro.

The leases are located 60 kilometers north of the Burger gas discovery in the Chukchi Sea and constitute interesting prospects.

"We are looking forward to further explore these new opportunities in Alaska," Maloney adds.

StatoilHydro already holds important positions offshore Norway, Russia and Canada in harsh environments, and the results of the Chukchi Sea Lease Sale emphasizes the company's strategic ambitions, our confidence and experience from working in Arctic waters.

The Chukchi Sea Lease Sale area comprised 5354 blocks of 5609 acres in water depths from 20 to 80 meters. Lease sale 193 was conducted by the Minerals Management Service (MMS). A total of seven companies participated in the sale.

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