Thursday, December 21, 2006

Statoil Buys Norsk Hydro & Becomes Largest Offshore Company

Statoil of Norway bought Norsk Hydro for $28 billion to become the world's largest off-shore oil company. Statoil is controlled by the Norwegian government and the combined companies will produce 1.9 million barrels a day. The combined companies have an estimated 6.3 billion barrels in oil and gas reserves.

Norway holds about half of Europe's oil and gas reserves and is the world's third largest oil exporter after Saudi Arabia and Russia. (NYT)

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