Hydro secures ownership shares in 13 blocks in Gulf of Mexico

August 28, 2007, 11:00 CEST
Hydro's Gulf of Mexico business unit enjoyed a successful licencing round when it participated in the Western Gulf of Mexico Sale 204, held on August 22 in New Orleans, Louisiana.

Hydro was the highest bidder for 13 of the 19 bids submitted, which gave an overall success rate of 68%.

Hydro secured ownership shares in all five deepwater prospects (seven blocks), in whole or in part, and in all six of the shelf prospects.

Hydro's net expenditure is USD 7,920,514, which indicates a very efficient bidding strategy.

Hydro will also be operator in all shelf blocks and in six of the seven deepwater blocks for which the company bid.

All bids are subject to final evaluation by the Minerals Management Service. This process takes around 90 days to complete.