| Saga Petroleum |
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| CATEGORIES ABOUT SAGA PETROLEUM | |
| petroleum companies of norway | |
| defunct companies of norway | |
| defunct oil companies | |
| companies formerly listed on the oslo stock exchange | |
| norsk hydro | |
Saga Petroleum was a profile, including major operations on the British Continental Shelf as well as minor operations in Angola , Indonesia , Libya and Namibia .http://www.hydro.com/library/attachments/en/investor_relations/financial_reports/20f_99.pdf. HISTORY Saga Petroleum was founded in 1972 as a private initiative based on a political wish to have three Norwegian oil companies. The company started up at the same time as Statoil and was part of the three-company model with one state owned company (Statoil), one semi-private company (Norsk Hydro) and one fully-private company (Saga). The three Norwegian oil companies were to insure that petroleum competence was established in Norway. Among the largest fields Saga operated was the based Santa Fe Exploration for USD 1.23 billion. HYDRO PURCHASE Though it originally was Elf Aquitaine who tried to pruchase Saga, it ended with Norsk Hydro acquiring the company. The reason for the purchase was the weak financial situation that Saga had become in partially because of the low oil price and partially because of the strategically failed acquisition of Santa Fe and hedgeing of the oil price.http://www.sv.uio.no/mutr/publikasjoner/rapp2003/rapport73/index.html After the merger with Hydro some of the operating responsibilities were transferred to Statoil. After the merger all of the operations in the British sector were sold. REFERENCES |
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