2009-04-15-2009-04-14-2009-04-14

Acquired 40% stake in 50 blocks in DeSoto Canyon, GOM.

StatoilHydro, Stavanger, Norway, (NYSE: STO) has acquired a 40% stake in 50 blocks in the DeSoto Canyon area of the Gulf of Mexico from BHP Billiton, Melbourne, Australia, (NYSE: BHP) for an undisclosed price. DeSoto Canyon, east of StatoilHydro's current production operation at Independence Hub, is in depths of about 1,000 meters. "DeSoto Canyon is a mostly unexplored region in the eastern part of the Gulf of Mexico," says StatoilHydro vice president of exploration for North America Tony Dore. "Obtaining early access to new plays is regarded by the company as key to our success." He says that StatoilHydro did a similar early-access deal with ExxonMobil in 2005 in the Walker Ridge Area of the central Gulf of Mexico. "We believe that through a close cooperation with BHP Billiton we can mature high-quality prospects," he adds. StatoilHydro and BHP Billiton are the apparent high bidders on 14 additional blocks within the trend at the recent OCS Central Lease Sale 208.