Statoil takes NOK 600 mln Venezuela charge in Q4

www.forbes.com Reuters, 02.18.03, 4:10 AM ET

OSLO, Feb 18 (Reuters) - Norwegian oil and gas firm Statoil <STL.OL> said on Tuesday it had written down the value of its partly owned LL 652 oilfield in Venezuela by 600 million Norwegian crowns ($85.47 million) after tax.

It had already taken a 2.0 billion crown writedown on the same field in the fourth quarter of 2001 after disappointing results of water and gas injection.

Statoil has a 27 percent stake in the LL 652 oilfield, which is operated by ChevronTexaco (nyse: CVX - news - people).