Venezuela exploration bid

August 24, 2002, 01:00 CEST

Norsk Hydro, as a partner in a consortium comprising Statoil (operator) and El Paso, has been invited by the Venezuelan Ministry of Energy and Mines to participate in the competitive bid round for the exploration and development of the Plataforma Deltana acreage offshore Venezuela.

The consortium is to bid competively with Total Fina Elf for blocks 3 and 4, each appoximately 1,000 square kilometers in water depths of 50-750 meters. It is expected that the prolific gas trend from offshore Trinidad extends into the Platafdorma Deltana region. Following receipt of data packages from PDVSA, the state-owned Venezuelan oil company, an evaluation period will follow leading up to the bid deadline in mid-December 2002. Hydro and its partners have been engaged in a constructive dialogue with the Venezuelan authorities and companies, and welcomes the opportunity to evaluate the offer for participation.