Acquisitions & Divestitures

Statoil USA E&P, a subsidiary of Statoil ASA, Stavenger, Norway, (NYSE: STO) plans to acquire a 25% working interest in 50 federal leases in the Chukchi Sea in Alaska from ConocoPhillips, Houston, (NYSE: COP) for an undisclosed price.

The leases were acquired in the 2008 OCS lease sale. ConocoPhillips will retain operatorship and majority working interest in the leases.

In addition to financial consideration from Statoil, ConocoPhillips will also acquire a 50% working interest in 16 Statoil-operated Gulf of Mexico leases and acquire all of Statoil’s 25% working interest in ...