Statoil Looking For Acquisitions Opportunities

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Statoil, Norway's largest oil company, said it is evaluating potential partnerships and acquisitions as the recent decline in global equity markets has created ''opportunities''in the words of CEO Helge Lund. The comments were originally made in an interview with Bloomberg News.

Statoil (STO), which accounts for about 80% of Norway's oil production, has announced two major discoveries in the North Sea in recent months and Lund believes those discoveries have increased his company's attractiveness as a potential partner.

Statoil did not identify specific acquisition targets, but regions the company could look to make asset purchases in could include the Arctic, Brazil and the Gulf of Mexico. The company said it is currently the fourth-largest leaseholder in the Gulf, a position it has gained through both leasing auctions and asset purchases.

The company also said it was looking to bolster its presence in Angola, an OPEC member and Africa's second-largest oil producer, and Indonesia.