Statoil expands activities in Gulf of Mexico

August 22, 2005, 11:30 CEST

In addition to the existing Gulf of Mexico deepwater portfolio, Statoil has entered into exploration arrangements with ExxonMobil.

Statoil and ExxonMobil, together with partners, plan to drill one or more exploration wells in Alaminos Canyon.

Separately Statoil and ExxonMobil are jointly evaluating exploration acreage in Walker Ridge, on trend with the Jack and St Malo discoveries in which Statoil already holds equity interests.

These arrangements with ExxonMobil represent a further strengthening of Statoil’s presence in the deepwater Gulf of Mexico. It is in line with the growth strategy for this new core area, and the location near the licences acquired from EnCana earlier this year enhances its potential value for Statoil.