StatoilHydro Acquires Brazilian Operator Anadarko

StatoilHydro and Anadarko have signed an agreement whereby StatoilHydro will take over the remaining 50 percent in the Brazilian Peregrino project, which will give StatoilHydro a 100 percent working interest and operatorship of the development. 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. 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 $1.8 billion, plus a maximum pre-tax value of $300 million related to the Peregrino field to be earned by 2020, conditional on future oil prices above pre-defined threshold levels.