Statoil deals allow Chevron to return to Norway

In a move to strengthen its overseas portfolio, Norway's Den norske stats oljeselskap AS (Statoil) has arranged to swap interests in exploration and production licenses off Norway and the U.K. Statoil concluded exchange and/or sales deals with Chevron U.K. Ltd., BP Exploration Operating Co. Ltd., Texaco Britain Ltd., Norsk Hydro AS, Elf Petroleum Norge AS, and Total Norge AS. The exchange will see Chevron return to the Norwegian continental shelf for the first time since 1989. In another move, Elf and Norsk Hydro have also agreed to exchange some Norwegian offshore assets. Statoil's tidying up of its Norwegian portfolio has been code-named Rubicon, and involves...

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