StatoilHydro Looks to Sell Interests in Gulf of Mexico Leases

Gulf of Mexico. Photo: StatoilHydro.com

Oct. 16 (Bloomberg) — StatoilHydro ASA, Norway’s biggest oil producer, plans to sell stakes in some of its Gulf of Mexico leases as the company moves forward with drilling plans.

The Stavanger-based company, which last year opened a so- called data room for prospective buyers to look at information on available properties, will look to remain majority owner of any projects for which it brings in partners, said Kjersti Torgersen, a spokeswoman for StatoilHydro in Houston.

Oil companies typically offer partnerships in large exploration projects to help pay for drilling and spread risk. Torgersen declined to comment on a Dow Jones Newswires report earlier today that China’s Cnooc Ltd. is in talks to buy U.S. Gulf assets from StatoilHydro.

“It’s very common in the Gulf of Mexico to farm down some interest and still keep the operatorship,” Torgersen said today in a telephone interview. “We’re definitely here to stay.”

To read more, click here