Statoil Enters Gulf of Mexico

Statoil, Norway’s largest oil and gas group, has said it would pay $2 billion for the entire US Gulf of Mexico deepwater portfolio of EnCana Corporation, a Canadian oil and natural gas producer. EnCana owns a number of high quality discoveries and exploration opportunities in the Gulf, with the potential to deliver 30,000 net barrels oil equivalent per day by 2008-9. Output could be three times greater by 2012.