Business Services Industry
Statoil ASA acquires Gulf of Mexico assets from Plains Exploration & Production
Nordic Business Report, Sept 18, 2006
NORDIC BUSINESS REPORT-18 September 2006-Statoil ASA acquires Gulf of Mexico assets from Plains Exploration & Production(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
The Norwegian oil company Statoil ASA said on Monday (18 September) that it has agreed to acquire Plains Exploration & Production's working interests in two deepwater discoveries and one exploration prospect in the Gulf of Mexico.
The USD700m acquisition agreement also gives Statoil the right of first negotiation for later acquiring other assets.
The deal covers a 17.5% interest in the Shell-operated Caesar discovery, and 12.5% interests in the Chevron-operated Big Foot discovery and the Big Foot North prospect.
One US dollar (USD) is worth approximately 0.52 British pounds (GBP).
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