Just about a month ago, I noted the success of Anadarko's (NYSE:APC) asset rebalancing act. Well, this week, the independent oil and gas firm showed that the circus is still in town. Selling off choice offshore fields is proving far easier than walking a highwire.

In this case, StatoilHydro (NYSE:STO) was actually eyeing two rather different assets. The Norwegian firm is ponying up a minimum of $1.8 billion (and as much as $2.2 billion, depending on oil prices) for a 50% stake in the Peregrino field (offshore Brazil) and a 25% interest in the deepwater Gulf of Mexico Kaskida prospect.

Kaskida, operated by BP (NYSE:BP) and also counting Devon Energy (NYSE:DVN) as a partner, is a completely natural fit for StatoilHydro. I've been writing for some time now about the firm's deepwater dominance. The company sold its shallow Gulf assets to Mariner Energy (NYSE:ME) late last year, demonstrating its focus. Also, look at how much it shelled out in last year's western Gulf of Mexico lease sale. But beyond its deep pockets, StatoilHydro has deep experience, and its ongoing moves into projects like Kaskida ought to compound that expertise and bring further success.

The Peregrino field, the other half of which StatoilHydro already owned, is a bit different. The oil here is heavier, which presents a unique set of technical challenges. However, I think that StatoilHydro is again pretty well prepared for the challenge, based on its previous work on a Norwegian heavy oil project. The firm needs to have a broad skill set in this time of slim pickings, and it has demonstrated a willingness to do that by jumping into the oil sands last year.

Meanwhile, Anadarko is just as admirably sticking to what it does so well: methodically exploiting North American natural gas plays. With these sale proceeds and a brand-new credit facility to boot, don't be surprised to see Anadarko acquire some serious onshore acreage in 2008.

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