StatoilHydro finds oil, gas in Barents Sea

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Norwegian energy group StatoilHydro has found oil and gas in an exploration well in the Barents Sea, the Norwegian Petroleum Directorate said on Friday.

“The well proved hydrocarbons in sandstone from the Middle Triassic period,” it said in statement of the first exploration well in production license 228, about 175 km (95 miles) north of Hammerfest. The well was not tested, and another wildcat well was planned. StatoilHydro holds 100% of the license. “The results from the well show that there is both oil and gas in the reservoir,” StatoilHydro said in a statement, adding that the find strengthened the company’s belief that it would find more in the region.

StatoilHydro said the find was the fifth on the Norwegian shelf so far in 2008 and the fourth where the company was operator. StatoilHydro shares were down 0.1% at 158.2 krone at 0827 GMT on the Oslo bourse. (Reuters)

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