STOCKHOLM -(Dow Jones)- Norwegian energy company Statoil ASA (STO) aims to be a part of the joint strike force that will be set up to staunch oil spills in the deep waters of the U.S. Gulf of Mexico in a billion-dollar bid to restore confidence after BP PLC's (BP) Deepwater Horizon disaster.
"Yesterday, I wrote a letter to the CEOs of the involved companies, with the message that we want to contribute," Chief Executive Helge Lund said Thursday in an interview with Dow Jones Newswires.
Last week, Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), Royal Dutch Shell PLC (RDSA) and ConocoPhillips (COP) said they are forming a joint venture to design, build and operate a rapid-response system to capture and contain up to 100,000 barrels of oil flowing 10,000 feet below the surface of the sea.
Lund said he had no assessment as to how much it would cost Statoil, but the four founding companies have previously said they will make a total initial investment of $1 billion in the non-profit venture. The cost to build the system and have crews on alert for years could run in the billions of dollars.
Lund said he didn't know why Statoil, the fourth largest oil company in the Gulf of Mexico, hadn't been asked to be a part of the force, which is to be called the Marine Well Containment Company.
"But I want to commend the four companies for their initiative," he said.
Lund also said he hopes Statoil's experience from working in challenging environments and stringent Norwegian environmental regulations will work to the company's advantage when oil drilling in the Gulf eventually resumes.
"We are the biggest offshore operator in the world," he said. "We are used to technically challenging areas and we have a solid financial position, so we would hope that we are a player that the U.S. would like to see operating in its waters."
The Stavanger-based company has a strategy of focusing on the least accessible areas in the Gulf of Mexico, and has been awarded new leases at a fast pace. Statoil now holds more than 400 leases in the Gulf and, according to the CEO, the current moratorium on deep water drilling will cost Statoil $100 million if it runs for six months.
"We understand that the U.S. authorities must study the accident in detail," Lund said. "But when they conclude it, it is important to get a predictable, stable framework as soon as possible."
Copyright © 2010 Dow Jones Newswires













