ChevronTexaco invests in Norwegian Sea's divided production license

By OGJ editors

HOUSTON, Dec. 19 -- ChevronTexaco Corp. has acquired a 65% interest in BP PLC-operated Production License 261 west of Norne field in the Norwegian Sea.

The section has become a separate new license designated PL 261B, which ChevronTexaco will operate. Statoil ASA will hold a 10% interest in PL 261B and RWE DEA, 15% interest. BP will hold 10%. These transactions are conditional on approval by the Norwegian authorities.

The PL 261B partners plan to drill an exploration well on this acreage next year.

Interests in the remaining PL 261 license remain unchanged, with BP holding 50%, RWE DEA 30% and Statoil 20%.

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