UPDATE:StatoilHydro To Operate Three Bahamas Oil Licenses -Co
May 18 2009 - 4:56AM
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.
Fox-Davies Capital analysts said: "The involvement of a company
of StatoilHydro's stature gives a lot of credence to the
prospectivity of the area."
They said a recent report listed 18 leads in the region, each
potentially holding 500 million barrels of oil equivalents in
reserves.
The analysts noted the three licenses are adjacent to other
licenses held by BPC in the Bahamas and also close to
StatoilHydro's license in Cuban waters.
StatoilHydro has an agreement with Cuba's state oil company
Cupet, Spain's Repsol and India's ONGC Videsh Ltd. on exploration
and possible production in an 11,300-square kilometer area offshore
Cuba.
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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