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Gazprom

April 29, 2005

On Alexey Miller’s working meeting with Eivind Reiten

In the course of Gazprom’s delegation’s visit to Norway, Alexey Miller, Gazprom’s Management Committee Chairman met in Bergen with Eivind Reiten, Hydro’s President and CEO.

The meeting explored the implementation of a joint Memorandum of understanding stipulating the study of potential cooperation between Gazprom and Hydro when developing the Shtokman gas condensate field and producing liquefied natural gas. In addition, the parties addressed Gazprom’s possible involvement in Hydro-operated oil and gas field development projects, Ormen Lange inclusive.

Gazprom’s delegation traveled to the central platform of the Oseberg field where unique underwater technologies of field development and gas pipeline construction & operation were being applied.

Eivind Reiten informed Alexey Miller of the progress in the Troll field development where Hydro was maintaining the most efficient technological, organizational and commercial approaches to developing offshore fields.

At the same time, the meeting dealt with joint gas marketing in the Great Britain and potential implementation of joint oil & gas production projects in third countries.

Eivind Reiten underscored that Hydro would contribute to establishing favorable environment for the promotion of joint businesses on the European gas market as well as confirmed Hydro’s readiness to take part in the North-European gas pipeline project.

“Making use of the offshore field operation experience and modern technologies possessed by such companies as Hydro will bolster the successful development of gigantic offshore fields within the Russian Federation,” – said Alexey Miller.

Reference:

Hydro is a large highly competitive Norwegian company producing considerable amount of oil, gas and electricity. With major production capacities located on the Norwegian continental shelf, Hydro is also engaged in hydrocarbon extraction in Canada, the Mexican Gulf, Iran and Angola. The company’s 2004 turnover and net profit accounted for some EUR19 bln and over EUR1.5 bln, respectively.

Over 2004, Hydro’s natural gas deliveries from the Norwegian continental shelf to Europe totaled 8.8 bcm and are expected to jump to 15 bcm by 2008.

Hydro operates 13 oil and gas fields in the Norwegian North Sea, the Troll and Ormen Lange fields inclusive.

Recently discovered by Hydro 100 km of the northwest Norwegian coast, the Ormen Lange gas field contains 397 bcm in gas reserves, with projected production to account here for 20 bcm/y. First gas deliveries from the field (through the innovative method of carrying a multiphase flow to the shore without marine platforms) are due 2007.

Discovered in 1979 and located 65 km of the Norwegian coast (Kollsnes terminal), the Troll field counts on some 1.3 tcm and 31.6 mln t of recoverable gas and condensate reserves, respectively, with annual extraction averaging 26.4 bcm of gas and 0.55 mln t of condensate.

The Oseberg field has been operated for over 15 years and is situated 115 km of the Sture terminal (northwest Norwegian coast). The recoverable gas reserves of the field average 109 bcm, with annual natural gas production accounting for some 3.4 bcm.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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