THE WALL STREET JOURNAL/DOW JONES NEWSWIRES: Norway Oil Min:Bids Show Strong Interest In Mature Fields (ShellNews.net)

DOW JONES NEWSWIRES

October 1, 2004 7:13 a.m.

OSLO -- Bids due today for new leases on blocks in the Norwegian Continental Shelf show a strong interest in developing mature areas, the oil ministry said Friday.

Companies such as Statoil ASA (STO), Norsk Hydro ASA (NHY), ConocoPhillips (COP) and Royal Dutch Shell (RD) have applied to explore areas offered in previous licensing rounds that weren't awarded due to a lack of interest.

"The interest shown proves that the Norwegian continental shelf continues to be both attractive and competitive and provides a sound basis for future exploration in mature areas," Oil Minister Thorhild Widvey said.

The Norwegian Petroleum Directorate estimates that one third of the shelf's 3.4 billion cubic meters of oil equivalent in undiscovered resources are to be found in mature areas.