Norsk Hydro and Gazprom have signed a memorandum of understanding to conduct joint studies for potential new gas projects, headed by the giant Shtokman field in the Barents Sea. In particular, both companies will look at the potential for technology transfer from the subsea-shore Ormen Lange development, LNG potential, and related commercial issues. Last year Hydro developed a concept study for Shtokman based on subsea technology being applied to Ormen Lange, which suggested that the upstream cost of the Russian venture could be cut by 30%. The new cooperation may also lead to Gazprom participating in oil and gas field projects operated by Hydro.
12-16-04
