Statoil Takes 35% Stake In Hess' Ghana Deepwater Project

Law360, New York (April 25, 2012, 2:15 PM EDT) -- Norwegian oil and gas power Statoil SA has gained a foothold in Ghana's growing offshore oil market with a 35 percent stake in a Hess Corp. deepwater exploration project, Statoil announced Wednesday.

Under the so-called farm-in agreement, Statoil will help shoulder the cost of exploring Hess' 811-square-mile license area in exchange for a stake in the field, according to a statement Statoil issued Wednesday.

Statoil did not disclose the value of the agreement. A company spokesman said Wednesday that Statoil will not comment beyond its statement....
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