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Hydro And Statoil Fusion - Worlds Largest Offshore Operator

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posted on Dec, 18 2006 @ 04:14 AM

Norwegian companies Hydro and Statoil are merging their oil and gas activities and creates the world's largest offshore operator. A name for the new company has not been made yet. This is a historic event!

Arctic Tanker

Illustration: Håkan Sjøstrøm

Hydro: Oil and gas activities to merge with Statoil

Dec. 18, 2006

The Board of Directors of Hydro and Statoil have agreed to recommend to their shareholders a merger of Hydro's oil and gas activities with Statoil, creating the worlds largest offshore operator with a strengthened platform for future growth.

Statoil press release


The new company will have a combined production of 1.9 million barrels per day in 2007 and proven oil and gas reserves of 6.3 billion barrels of oil equivalents.

A new name for the merged company will be selected as part of the integration process.

This is big! This will be the start of a new era for Norway.

© Norsk Hydro


Key characteristics of the new company:

  • Strengthened production and development portfolio – in Norway and internationally
  • Presence in nearly 40 countries
  • Extensive exploration program and acreage
  • Proven technology and project execution skills
  • World-class gas value chain
  • Integrated refining and marketing, with substantial trading positions
  • Commitment to renewable energy, carbon capture and sequestration

  • Links:
    Hydro (in english...)
    Statoil (in english...)

    Btw, this is breaking news...

    [edit on 2006/12/18 by Hellmutt]

    posted on Dec, 22 2006 @ 05:09 AM
    [color=FFAEB9]The name of the new company is:


    [color=FFAEB9]They will keep the Statoil name. Wise choice!

    edit: Celebrating with a Statoil commercial

    [edit on 2006/12/22 by Hellmutt]


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