StatoilHydro To Operate Three Oil Licenses In The Bahamas -Co

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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