Hydro wins prize for exploration

March 21, 2007, 13:15 CET

During the biannual Exploration Revived conference held in Bergen on March 20-21, Hydro was awarded the prize for Best Exploration Company on the Norwegian Continental Shelf for the past two years.

The jury consisted of exploration managers from competing companies, as well as from the Norwegian Petroleum Directorate. The jury was unanimous in its decision.

“This is a marvellous recognition of Hydro’s extremely capable and competent exploration team on the Norwegian Continental Shelf. We have been untraditional in our approach and followed opportunities rejected by others. The fact that the jury has consisted of many of those who are our competitors on a day to day basis, makes this award particularly satisfying,” says Tore Lilloe-Olsen, who is Head of Exploration on the Norwegian Continental Shelf, and who received the prize on behalf of Hydro.

The exploration prize is awarded at the biannual conference, and the criteria for the award stipulate that the recipient should have demonstrated good exploration results over the past two years, and have advanced the cause of exploration on the Norwegian Continental Shelf.

In their reasoning for the award of the prize, the jury emphasized technical criteria such as new exploration models, exploration on prospects with high potential, exploration for upside potential in productive fields and the development of new exploration methods. The finds at Peon, Astero, Stetind and Nucula were all mentioned as new discoveries that are noteworthy on the Norwegian Continental Shelf.

Relevant candidates for the prize were nominated to the jury in advance.