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Norsk Hydro ASA participates in new oil find in Libya
Nordic Business Report, March 1, 2007
NORDIC BUSINESS REPORT-1 March 2007-Norsk Hydro ASA participates in new oil find in Libya(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Norwegian energy and materials group Norsk Hydro ASA (NYSE: NHY) announced on Wednesday (28 February) a major new oil discovery in Libya.
The new discovery in the Murzuq Basin extends over two licences, of which Norsk Hydro is a participant in one.
The field's operator Repsol estimates that the field could contain up to 1.25bn barrels of oil, of which some 474m barrels can be produced.
The discovery is one of the biggest that has been made in Libya for several years.
Norsk Hydro is a leading offshore oil and gas producer, and the world's third largest integrated aluminium supplier. The company is in the process of merging its oil and gas operations with those of Statoil ASA. Norsk Hydro is listed on the Oslo Stock Exchange and on the New York Stock Exchange.
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