StatoilHydro acquires operatorship in Brazil 

StatoilHydro and Anadarko have signed an agreement whereby StatoilHydro will take over the remaining 50% in the Brazilian Peregrino project. This will give StatoilHydro a 100% working interest and operatorship of the development.

In addition, StatoilHydro is acquiring Anadarko’s 25% interest in the Kaskida discovery in deepwater US Gulf of Mexico.

For these assets StatoilHydro will pay Anadarko USD 1.8 billion, plus a maximum pre-tax value of USD 300 million related to the Peregrino field to be earned by 2020, conditional on future oil prices above pre-defined threshold levels.

This acquisition strengthens our position in Brazil and adds an important new legacy operatorship to StatoilHydro’s international portfolio. We are establishing leading positions in attractive core areas. This is exactly in line with the strategic roadmap we presented at the Capital Markets Day in January - here focusing on deep water and heavy oil, says Peter Mellbye, Executive Vice President for International Exploration & Production.

The Peregrino field is located in the Campos Basin offshore Brazil. Expected reserves in this heavy oil field are estimated at approximately 500 million barrels, excluding identified upsides. The field is expected to come on stream in 2010, adding new production to StatoilHydro.