NORSK HYDRO, SAGA SEEK DRILLING RIGHTS IN GABON

  Norwegian oil companies Norsk Hydro A/S
  &lt;NHY.OL> and Saga Petroleum A/S &lt;SAGO.OL> said they have
  applied for offshore exploration drilling licenses in Gabon on
  Africa's west coast.
      Saga Petroleum said it has applied for a 35 pct share and
  operatorship on one block, adding Finnish oil company Neste
  &lt;NEOY.HE>(25 pct), Spain's Hispanoil (25 pct), and the World
  Bank's International Finance Corporation (IFS) (15 pct) have
  joined Saga to fill remaining shares in the application.
      Saga spokesman Roy Halvorsen told Reuters he expected
  Gabonese officials would reply to the application by Easter.
      Halvorsen said this is the first time Saga has applied to
  operate on OPEC-member Gabon's continental shelf, adding that
  Italian oil company Agip is heading a group of applicants in a
  separate bid for the same license.
      Norsk Hydro has also applied for an undisclosed share in a
  single exploration license in which U.S. Oil company Tenneco
  has already been assigned operatorship, company spokesman
  Bjoern Tretvoll said.
  

