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20

Statoil Gained Access to Egypt's Blocks

The offer is subject to finalisation of a detailed production

Norwegian state oil and gas giant Statoil has taken part in an Egyptian licensing round.

The Algerian state oil company Sonatrach owns the remaining 20 per cent, according to a press release.

The offer is subject to finalisation of a detailed production sharing agreement and approval by the Egyptian parliament.

The blocks lie in the Mediterranean, west of the Nile Delta, at water depths of about 1,000-3,000 metres.

"We are very satisfied with today's awards," says Ottar Rekdal, head of Statoil's activities in north Africa.

"Gaining access to acreage in Egypt fits well into Statoil's north African strategy. We are already well established in the region with exploration and productions projects in neigbhouring Libya and Algeria," Rekdal says.

Statoil opened an office for business development in Cairo in January 2006.