StatoilHydro, Ecopetrol to form joint exploration team for US Gulf of Mexico
Under the agreement, the companies will also further mature prospects to potential drilling. StatoilHydro will remain the operator for all prospects. Ecopetrol will farm in with interests of around 20% to 30% in the wells covered by the agreement. Oivind Reinertsen, StatoilHydro's senior vice president for the US and Mexico region, said: "This agreement is in line with our long-term Gulf of Mexico strategy. We are starting our drilling operations next year in some of the prospects we acquired from lease sales and acquisitions in the past years."