Statoil Teams Up With China in Gulf of Mexico

4 November 2009 (Last Updated November 4th, 2009 18:30)

Norway's Statoil has agreed to sell part of its interests in the US Gulf of Mexico to the China National Offshore Oil Corporation (CNOCC), the company announced today. Statoil spokesman Ola Morten Aanestad said that Statoil and CNOOC signed the agreement on 29 October, making the Chine

Norway's Statoil has agreed to sell part of its interests in the US Gulf of Mexico to the China National Offshore Oil Corporation (CNOCC), the company announced today.

Statoil spokesman Ola Morten Aanestad said that Statoil and CNOOC signed the agreement on 29 October, making the Chinese company part owner of four Statoil leases in the region, wrote the Associated Press.

Aanestad said that Statoil sold 20% of its shares in one lease and 10% in each of the other three leases. The value of the deal was not revealed.

He said that the move was "in line" with Statoil's strategy in the Gulf, where the company's American-based subsidiary is among the largest owners of deepwater leases, with more than 400 licences.

Last week the company announced that it would change its name from StatoilHydro to Statoil as part of a rebranding exercise.