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Thailand pull-out completed

June 24, 1999, 10:00 CEST

The final interests held by Statoil in the Gulf of Thailand and the Andaman Sea have been acquired by other companies.

Unocal Thailand has secured 35 per cent of the group's 45 per cent holding in the B 10/32 gas field, giving it 80 per cent of this acreage, and all the 20 per cent Statoil interest in Andaman Sea exploration blocks W8/38 and W9/38.

The remaining 10 per cent in B 10/32 is being taken over by Mitsui Oil Exploration, to give it 20 per cent of the field in total.

"This means we've pulled out of Thailand completely," says Siv Berntsen, vice president for new ventures in International Exploration & Production.

These transfers require formal approval by the Thai authorities. Once that has been given, the Statoil Siam subsidiary will be wound up.

The first steps in the withdrawal process were taken last December when the group sold its holding in the Bongkot gas and condensate field in the Gulf of Thailand.

These transactions are in line with Statoil's strategy of concentrating its international operations on a few selected core assets.