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Cooperating with Chevron in the Barents Sea

November 18, 2005, 11:00 CET

Statoil ASA and Chevron Norge AS, part of Chevron Upstream Europe, have entered into an Area of Mutual Interest (AMI) agreement regarding long-term cooperation for exploration in parts of the Barents Sea.

The cooperative agreement brings together a set of unique technical capabilities in a way that complements the strengths of both companies.

Chevron's global exploration experience, particularly its seismic imaging capability, joined with Statoil's significant regional knowledge of and long term operational experience in the Barents Sea, will allow the two companies to address one of the world's most technically challenging areas.

The companies also have complementary competencies in liquefied natural gas (LNG) technology, with Statoil's unique experience of Arctic LNG development bringing potential benefits to the endeavour.

"We regard this cooperation as an exciting opportunity to further develop our technology for exploring and developing the Barents Sea," says Tim Dodson, Statoil's senior vice president for Norwegian continental shelf exploration.

"We are delighted to join with a company such as Statoil that has proven capabilities in Arctic waters. This agreement is an exciting opportunity to position Chevron for growth in the region," says Gary Luquette, president and managing director for Chevron Upstream Europe.

"It also supports our company's continued commitment to pursue high-impact opportunities around the world."

The first action under the AMI was a joint application for acreage in the recent 19th Norwegian licensing round. This agreement will form the basis for further collaborative projects in future licensing rounds.