Tuesday, November 07, 2006

Oil and Gas: Norwegian state oil company buys into Gulf of Mexico

Norway's state-controlled company Statoil ASA, has announced it had agreed to buy assets in the US Gulf of Mexico from Houston, Texas-based Anadarko Petroleum Corp. for US$901 million.

Stavanger-based Statoil said the deal covers two oil discoveries and one prospect. Statoil's president and chief executive Helge Lund, said "This deal is an excellent strategic fit with our deep water (Gulf of Mexico) portfolio, building on our recent acquisition of assets from Plains".

The latest acquisitions are at or near fields in which Statoil bought stakes in September, the company said in a statement.