StatoilHydro to invest up to US$10bn in coming 10 years

Norwegian oil company StatoilHydro plans to invest US$5bn-10bn in Brazil over the next 5-10 years with a focus on deepwater heavy oil fields.

“Brazil is one of the most important areas in the world for StatoilHydro outside Norway,” company head of the South Atlantic region, Thore Kristiansen, told reporters in Rio de Janeiro at a press conference after presenting at the 15th Latin Oil Week.

StatoilHydro intends to invest some US$13.5bn in 2009 worldwide, with part of that going to Brazilian operations.

“The company is very well funded. We recently raised US$3.5bn in the financial markets,” he added.