StatoilHydro takes over Brazil oil project

March 4, 2008 at 4:22 PM

OSLO, Norway, March 4 (UPI) -- Norway's StatoilHydro is taking full control over the Peregrino heavy-oil project in Brazil's waters, Aftenposten reported.

StatoilHydro executive Helge Lund said the firm will pay Anadarko $1.8 billion for the remaining 50 percent of the Brazilian Peregrino project and 25 percent of the Kaskida find in the Gulf of Mexico.

The total investment in the project will be around $2 billion. The oil field is expected to start producing in 2010, and the company says it will deliver 100,000 barrels per day.

"This purchase strengthens our position in Brazil and gives us a significant international operator-ship," Lund said.

Meanwhile, the Kaskida oil field in the Gulf of Mexico is one of the biggest deepwater finds in the Gulf in recent years.

BP has a 55 percent stake, while Devon is a partner with a 20 percent stake.

"The Kaskida find has significant resource potential," a StatoilHydro spokesperson said. "By contributing our deepwater technology, we believe we can add further to the value of the find."

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