Major additions to our international portfolio include entry into the Marcellus shale gas acreage in north-eastern USA in 2008 and the purchase of the Kai Kos Dehseh oil sands in Canada in 2007. In 2008, we also took on the operatorship and acquired the remaining 50% equity share of Peregrino, a heavy oil project in Brazil. Statoil's main M&A activities in 2009 and early 2010 are presented below.
Acquisitions:
On 14 April 2009, Statoil acquired a 40% stake in 50 blocks from BHP Billiton in the DeSoto Canyon area of the US Gulf of Mexico. This positions us in a frontier play in the central GoM.
On 18 May 2009, we reached agreement with BPC Limited to become the operator of three offshore exploration licences in the Bahamas, identified as a frontier play. Approval and awarding of the licences by the Government of the Commonwealth of the Bahamas is still pending.
On 12 August 2009, we entered a deal where we farmed into a 30% share of the Repsol-operated BM-ES-29 licence in the Espirito Santo basin in Brazil, further positioning us in the pre-salt play. Repsol received equity shares in four of our GoM leases in exchange. The deal is currently pending government approval.
Iraq is the latest new growth platform where we have succeeded in establishing a foothold in competition with other companies. In Iraq's second licensing round on 12 December 2009, Statoil and Lukoil submitted the winning bid for developing the West Qurna 2 field. On 31 January 2010 Statoil and Lukoil signed the development and production contract for West Qurna 2 with Iraqi authorities. The consortium of contractors consists of the state Iraq's North Oil Company (25%), Lukoil (56.25%) and Statoil (18.75%). Lukoil will be the operator.
On 25 January 2010, we entered a deal with ConocoPhillips through which we gained 25% interest in 50 leases in the Chukchi Sea in Alaska. By adding on these leases to the 16 previously acquired in Chukchi, we now have a sizable acreage portfolio to explore in the coming years.
In January 2010, we increased our share in St.Malo in the US GoM from 6.25% to 21.5% by exercising our pre-emption rights. The transaction was completed on 9 March 2010.
On 17 March 2010, Statoil was the highest bidder on 21 leases in the Central lease sale 213 in the US GoM. Statoil's winning bids are subject to review and final approval by the Mineral Management Service (MMS).
Divestments and other reduction of Statoil's portfolio:
We completed the sale of our interests in licences off the coast of Denmark to Bayerngas Norge AS on 24 June 2009.
On 30 June 2009, we completed the sale of our interest in the UK Caledonia field (21.32%) to Premier Oil ONS Limited.
On 29 October 2009, we signed a well participation agreement with CNOOC under which we successfully farmed down Statoil's interest in several exploration prospects in the Gulf of Mexico.
With effect from 1 January 2010, the Russian state oil company Zarubezhneft became a partner in the Kharyaga PSA with a 20% interest, thus reducing Statoil's share from 40% to 30%.
Libyan State oil Company (NOC) in Libya has renegotiated the PSA for Mabruk, and in January 2010, our equity share of production in Mabruk was reduced from 25.0% to 5.0% effective as of 1 January 2008.
