Brazil 

Brazil is a very attractive country for StatoilHydro. Since the opening of the E&P market to private and foreign players in 1997, the country has shown a large resource potential and an attractive and stable investment environment.

Brazil is also a country where StatoilHydro can fully apply its offshore technology expertise developed on the Norwegian Continental Shelf.

StatoilHydro is already well established in Brazil. We currently own a 50% stake in the large Peregrino field off Rio de Janeiro and 7 exploration licenses.

In the 8th Bid Round in 2006 StatoilHydro was awarded 3 additional exploration blocks. The contracts on these blocks are still to be signed.

StatoilHydro also cooperates with the national oil company Petrobras with a number of commercial and technological agreements in place.

Transaction

StatoilHydro and Anadarko signed an agreement 3rd March 2008 whereby StatoilHydro will take over the remaining 50% in the Brazilian Peregrino project.
The transaction is pending governmental approval.

In addition, StatoilHydro was acquiring Anadarko’s 25% interest in the Kaskida discovery in deepwater US Gulf of Mexico. However, this transaction has been stopped by the other partners on Kaskida who have exercised their pre-emption rights. This does not affect the Peregrino deal.