The Norwegian Storting approved the Statoil's development and operation plan of the Snøhvit field in the Barents Sea. Legislators also okayed the plan for installation and operation of the associated land-based gas liquefaction plant at Melkøya near Hammerfest in northern Norway.
"Producing these reserves will generate substantial revenues for us in the longer term. And this approval means a further increase in our booked reserves," Henrik Carlsen, executive vice president for Exploration & Production Norway, said.
The Snøhvit gas and condensate field represents the first offshore development in the Barents Sea.
Partners are Statoil with 22.29%, Petoro with 30%, TotalFinaElf with 18.4%, Gaz de France with 12%, Norsk Hydro with 10%, Amerada Hess with 3.26%, RWE-DEA with 2.81%, and Svenska Petroleum with 1.24%.
