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Norway and Russia join forces at new gas field

Norway and Russia strengthen a sustainable collaboration in the energy sector in the High North when the Norwegian energy giant StatoilHydro, which already provides the UK with 20 percent of its gas supply, signed an agreement on October 25 to develop the Russian Shtokman gas field.

“I am very pleased to see StatoilHydro as a participant in the Shtokman field. This will strengthen the Norwegian-Russian ties as neighbours and our strategic partnership in the energy sector in the High North. The participation also underlines our joint responsibility to ensure a sustainable management of the resources in the Barents Sea”, says Prime Minister Jens Stoltenberg.

StatoilHydro will take a 24 percent share in the company which is to develop the Russian Shtokman field – Shtokman Development Company (SCD). Gazprom and Total are the other share holders, which count for 51 and 25 percent each.

“We have giant reserves of gas in the Barents Sea, while our partners from Norway have good experience in production and transportation of gas in harsh Arctic conditions", says Alexei Miller, chair of Gazprom.

The Shtokman field is one of the world’s largest natural gas fields. The field is located in the centre of the Russian sector of the Barents Sea, and was discovered in 1988. Shtokman lies far from the shore and the rough weather conditions make offshore development extremely challenging. The development of the field is shared between three partners: SatoilHydro (24 %), Gazprom (51 %) and Total (25 %).

StatoilHydro was established on 1 October 2007 following the merger between the companies Statoil and Hydro’s oil and gas activities. Together they now employ 31,000 people in 40 countries, and produce an average over 1.7 million barrels of oil equivalent per day. The company is the world’s third-largest net seller of crude oil and one of the world’s largest gas suppliers. The company already provides the UK with 20 percent of its gas supply through the Ormen Lange field.

StatoilHydrohas long experience from working offshore. Here is Troll Oil platform in the North Sea, where StatoilHydro is the operator. Photo: Dag Myrestrand

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StatoilHydro is the world’s third-largest net seller of crude oil and one of the world’s largest gas suppliersPhoto: Statoil

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