Uchenna Izundu
International Editor
LONDON, Mar. 4 -- StatoilHydro AS will pay Anadarko Petroleum Corp. $1.8 billion to become operator of the Brazilian Peregrino project, boosting its share from 50% to a full working interest. It will also buy a 25% share from Anadarko in the Kaskida discovery in the deepwater Gulf of Mexico.
The deal builds upon StatoilHydro's interest in deepwater and heavy oil, where it will exploit an estimated 500 million bbl from Peregrino field.
Peregrino, which lies in the Campos basin, is expected to start production in 2010. StatoilHydro will drill additional appraisal wells on the southwest and south extensions of the field to prove additional resources following a very promising 3D seismic survey collected last year.
Peregrino will produce oil through a floating production, storage, and offloading vessel and two platforms. Planned plateau production from the field is expected to be 100,000 b/d within the first year of production.
Meanwhile, Kaskida is one of the largest deepwater discoveries in the gulf made in recent years. Kaskida is operated by BP PLC (55%); Devon Energy Corp. holds 20%. Kaskida lies on Block 292 in Keathley Canyon, where StatoilHydro already holds several exploration leases.
StatoilHydro will wait to see if the Kaskida partners decide to exercise their preemption rights within the next 30 days.
Contact Uchenna Izundu at [email protected].
