Gazprom’s Headquarters has hosted today a working meeting between Alexey Miller, Gazprom’s Management Committee Chairman and Eivind Reiten, Hydro’s President & CEO.

The meeting explored the potential for cooperation in studying and assessing Russia’s Arctic offshore and agreed to keep on interacting in said direction.

Eivind Reiten confirmed Hydro’s readiness to take part in the North-European gas pipeline project and expressed his intention to promote closer business ties with Gazprom in the European gas market.

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Hydro is a large, highly competitive Norwegian corporation producing considerable amount of oil, gas and electricity. With major extraction capacities located on the Norwegian continental shelf, Hydro is also engaged in hydrocarbon production in Canada, the Mexican Gulf, Iran and Angola.

Over 2004 Hydro’s natural gas deliveries from the Norwegian offshore 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 sector of the North Sea, the Troll and Ormen Lange fields inclusive.

Located 100 km northwest of the Norwegian coast, the Ormen Lange gas field is Hydro’s most recent discovery in the North Sea. The field contains 397 bcm of 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 in October 2007.