World of Oil ///

StatoilHydro restarts Kristin production Norway’s StatoilHydro has restarted production at the Kristin gas field after a two-week shutdown to replace faulty lifeboats on the platform. The company had shut in the Norwegian Sea field in early January. Output ahead of the shut-in had been around 353 MMcf of gas per day and 63,000 bbl of conden-sate per day. The field, which came onstream in November 2005, has total production capacity of more than 636 MMcfgd and about 126,000 bpd. -------------------------------------------------------------------------------- Nigeria cancels South Korean exploration deal Nigeria canceled exploration rights to two offshore fields awarded to a South Korean consortium, led by state-run Korea National Oil (KNOC), in 2005. The consortium paid $92 million in cash and offered a letter of credit to pay an additional $231 million to cover its 60% interest in oil blocks OPL321 and OPL323. KNOC said it was considering legal moves to reclaim its rights.

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