Conoco Inc. said its Norwegian affiliate Norske Conoco will strengthen the company's significant holdings in the North Sea by acquiring equity in the giant Grane Field.
The 6.4 percent interest in the field will be purchased from Statoil for about $60 million.
The acquisition will be effective January 1, 2001, and is expected to close in first quarter 2001, subject to Norwegian government approvals. It is expected to add reserves of 51 million barrels of oil equivalent (BOE) over the next several years, 90 percent of which is oil.
The Grane field is located in the Norwegian sector of the North Sea, 115 miles west of Stavanger, in water depth of 417 feet.
© 2000 Mena Report (www.menareport.com)