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    Statoil to co-operate with Chevron in the Barents Sea

    News // November 22, 2005

    Statoil ASA and Chevron Norge AS, part of Chevron Upstream Europe, have entered into an Area of Mutual Interest (AMI) agreement regarding long-term cooperation for exploration in parts of the Barents Sea.

    "The co-operative agreement brings together a set of unique technical capabilities in a way that complements the strengths of both companies," said Statoil in a reecnt statement, noting that Chevron's global exploration experience, particularly its seismic imaging capability, joined with Statoil's significant regional knowledge of and long term operational experience in the Barents Sea, will allow the two companies to address one of the world's most technically challenging areas.

    The companies also have complementary experience in liquefied natural gas (LNG) technology, with Statoil's unique experience of Arctic LNG development bringing potential benefits to the endeavour.

    "We regard this cooperation as an exciting opportunity to further develop our technology for exploring and developing the Barents Sea," said Tim Dodson, Statoil's senior vice president for Norwegian continental shelf exploration.

    "We are delighted to join with a company such as Statoil that has proven capabilities in Arctic waters. This agreement is an exciting opportunity to position Chevron for growth in the region," said Gary Luquette, president and managing director for Chevron Upstream Europe.

    The first action under the AMI was a joint application for acreage in the recent 19th Norwegian licensing round. This agreement will form the basis for further collaborative projects in future licensing rounds.  



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