The Norwegian oil group NORSK HYDRO and the American group CONOCO have established a joint subsidiary for deep-sea oil exploration in the Gulf of Mexico. According to the terms of the agreement, NORSK HYDRO, via its American subsidiary NORSK HYDRO USA OIL AND GAS, will have the opportunity of acquiring a 25% share in eight oil exploration wells in the Gulf of Mexico where the Norwegian company has hitherto had not presence at all. The investment by the Norwegian group will rise to USD 130...