By the OGJ Online Staff
HOUSTON, Sept. 5 -- Norsk Hydro Oil & Gas Inc., a wholly owned subsidiary of Norsk Hydro Americas Inc., has entered a joint venture agreement with Conoco Inc. that gives it a 25% working interest in five firm and three contingent exploration wells in the deepwater US Gulf of Mexico.
Norsk Hydro has been assigned title interest in 55 leases covering the subject prospect areas.
Norsk Hydro plans to spend $130 million on acquisition, exploration drilling, data purchases, and organizational costs related to this deal during the 2001-02 period.
The first two firm wells began drilling in July, said Norsk Hydro.
The Norwegian company has options to participate in future exploration wells resulting from further mapping of 178 leases in Conoco's existing portfolio through 2005.
Conoco will remain the operator of all the prospects it currently operates.
The two companies will also evaluate further joint business development activities, said Norsk Hydro.
