Snøhvit approved

The plan for development and operation of Statoil’s Snøhvit field in the Barents Sea was approved on 7 March by the Norwegian Storting (parliament). A green light was also given by legislators to the plan for installation and operation of the associated land-based gas liquefaction plant at Melkøya near Hammerfest in northern Norway. The Snøhvit gas and condensate field represents the first offshore development in the Barents Sea, and the first project in Europe based on gas liquefaction. The project includes a subsea development tied back by pipeline to the receiving terminal and liquefaction plant at Melkøya. LNG will be exported in specialised ships to terminals in the USA and southern Europe. The development is costed at NOK 40 billion, excluding the LNG carriers. Plans call for work to begin in the near future, with production starting in 2006 and lasting until about 2030.

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