Statoil partners with CNOOC in Gulf of Mexico

Norwegian oil company Statoil ASA announced yesterday that it has agreed to sell part of its interests in the US Gulf of Mexico to the China National Offshore Oil Corporation (CNOOC), the AP reported. The agreement was signed October 29, and gives CNOOC a stake in four Statoil leases in the area. A company spokesperson said that Statoil sold 20% of its shares in one lease and 10% each in the rest, but did not discuss how much the stakes were valued at. Statoil's US subsidiary already owns 400 deep-water leases, but rarely retains 100% ownership in order to share risk, the spokesperson said. The company recently beat analysts expectations and reported a 5% increase in third-quarter profits.