Statoil joins ConocoPhillips in Chukchi oil hunt

ConocoPhillips has agreed to let Statoil take a stake in an exploration areas in the Chukchi Sea offshore Alaska where initial drilling is planned in two years time. The US-based oil major has said Statoil is taking a 25% stake in its leases held with 50% equity in the Chukchi Sea which were acquired in a federal Offshore Continental Shelf lease sale in 2008.