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Venezuela partnership

February 8, 1999, 08:00 CET

An option deal with the Chinese National Petroleum Company (CNPC) could give Statoil a stake in another Venezuelan oil field.

Signed on 28 January, the agreement entitles the group to acquire an interest in the Intercampo field if the results of a joint exploration well are positive.

This well will be drilled during the third quarter, and the option extends for six months from completion of the work.

If Statoil chooses to participate in the field, it will serve as operator.

"We hope the result of this drilling and evaluation will prove the potential of the field,. even at today's low oil prices," says vice president Magnus Ulland in Statoil Venezuela.

He has been appointed to head an Intercampo team comprising representatives from state-owned CNPC and the group.

The field is located south-east of the LL 652 field in Lake Maracaibo, where Statoil has a 30 per cent interest.

Venezuela is defined as a core asset in the group's international commitment.