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WoodMac: Gulf of Mexico key for merging Statoil-Norsk Hydro
01/01/2007
The merger of Statoil ASA’s and Norsk Hydro ASA’s oil and gas businesses will create an upstream player whose most important future international operations will be in the deepwater Gulf of Mexico, Wood Mackenzie analysts said.“For both companies exploration, particularly in the deep water, has been a key focus,” WoodMac said in a research note. “In particular, the US deepwater Gulf of Mexico is a key target area for each.”Both Statoil and Hydro recently acquired assets in the gulf. Statoil had exited the gulf previously and then returned to the deepwater gulf in 2004 through a transaction with Chevron. Later, Statoil acquired Encana Corp.’s deepw...
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