StatoilHydro to buy Anadarko stakes for $1.8b
StatoilHydro to buy Anadarko stakes for $1.8b
Oslo: Norwegian oil group StatoilHydro said on Tuesday it has agreed to buy stakes in two projects from US Anadarko for $1.8 billion plus a conditional oil-price related payout of up to $300 million.
The deal will give StatoilHydro the 50 per cent it does not already own in Brazilian project Peregrino and a 25 per cent interest in the Kaskida discovery in the US Gulf of Mexico.
"These assets have an excellent strategic fit both in Brazil and in the Gulf of Mexico where we will utilise our increased oil recovery experiences together with our project management skills for large offshore developments," executive vice-president Peter Mellbye said in a statement.
The acquisition is part of StatoilHydro's drive to boost production beyond its core activities in the Norwegian shelf, where many oilfields are maturing and output is dwindling.
Peregrino field
The Peregrino field, located in the Campos Basin offshore Brazil, holds approximately 500 million barrels of heavy oil and is expected to come on stream in 2010.
"StatoilHydro sees a significant upside in the recoverable resources in Peregrino, both by a further increase in today's 20 per cent recovery factor and by including additional resources outside the Peregrino main field," StatoilHydro said.
The field, developed with a Floating Production Storage and Offloading vessel (FPSO) and two platforms, will produce some 100,000 barrels per day within the first year of production.
StatoilHydro said Kaskida was one of the largest deep water discoveries in the US Gulf of Mexico in recent years.
Operated by BP, with a 55 per cent stake, and with Devon as the other co-owner with 20 per cent, Kaskida is in block 292 in Keathley Canyon where StatoilHydro already holds several exploration leases.
"The Kaskida discovery has significant resource potentials. By leveraging our deepwater technologies, we believe we can add even more value to the discovery," said StatoilHydro, adding that the project secured "long-term growth beyond 2015".
