Statoilhydro

StatoilHydro has added to its sizable stake in the Gulf of Mexico (GOM) by acquiring a 40% interest from BHP Billiton Ltd. in 50 offshore blocks. The offshore acreage acquired by the Norwegian-based producer is located in the northeastern corner of the deepwater GOM in the under-explored DeSoto Canyon. DeSoto Canyon is located east of the Independence Hub, which serves several natural gas producers in the region, including Statoil (see NGI, Dec. 25, 2006). Statoil, among other things, owns a quarter stake in Walker Ridge Block 758, located in the promising Lower Tertiary of the deepwater GOM. In 2006 Statoil, Chevron Corp. and Devon Energy Corp. completed the deepest extended drill stem test in history at the prospect on Jack No. 2 well (see NGI, Sept. 11, 2006). In the March Central GOM Lease Sale 208, U.S.-based subsidiary Statoil Gulf of Mexico LLC was high bidder at $14.29 million for Keathley Canyon Block 698, which is located in water depths more than 2,000 feet (see NGI, March 23).

StatoilHydro has added to its sizable stake in the Gulf of Mexico (GOM), announcing Tuesday that it has acquired a 40% interest from BHP Billiton Ltd. in 50 offshore blocks. Financial details were not disclosed.

StatoilHydro’s board of directors has given the green light for its first development in the deepwater Gulf of Mexico (GOM), the Caesar Tonga Project, which is to be operated by Anadarko Petroleum Corp.

StatoilHydro’s board of directors has given the green light for its first project in the deepwater Gulf of Mexico (GOM), Caesar Tonga Project, which is to be operated by Anadarko Petroleum Corp.

Norway’s StatoilHydro ASA gained a stake in the Marcellus Shale after agreeing to partner with Chesapeake Energy Corp. in a $3.38 billion transaction. About $1.25 billion will be paid for 32.5% of Chesapeake’s leasehold and $2.13 billion will be set aside to fund 75% of drilling and completion costs from 2009 to 2012.