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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.
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