StatoilHydro To Operate Three Oil Licenses In The Bahamas -Co
May 18 2009 - 4:16AM
Dow Jones News
Norwegian oil and gas company StatoilHydro ASA (STL.OS) Monday
said it has reached an agreement with BPC Ltd. (BPC.LN) to operate
three oil exploration licenses in the Cay Sal areas of the
Bahamas.
The licenses, called Zapata, Islamorada and Falcones, are
located offshore the southwestern Bahamas and fit with
StatoilHydro's strategic focus, building its position in the
Caribbean region, the company said.
"Limited historic 2D seismic and satellite data indicate the
presence of several large structures in the license area,"
StatoilHydro said.
Global Exploration Vice President Erik Finnstrom said: "This is
an interesting frontier exploration opportunity which we can mature
in a cost-efficient manner."
Approval and award of the licenses by the Bahaman authorities is
pending.
Company Web site: www.statoilhydro.com
-By Elizabeth Adams, Dow Jones Newswires; +44 (0) 20 7842 9386;
elizabeth.adams@dowjones.com
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