On Alexey Miller and Eivind Reiten's working meeting
A working meeting between Alexey Miller, Gazprom’s Management Committee Chairman and Eivind Reiten, Hydro’s President and CEO was held today at Gazprom’s Headquarters.
The meeting explored the implementation of the December 2004 Memorandum of Understanding stipulating 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, underscoring the progress in the work done and agreeing to sum up interim results in April 2005.
At the same time, the meeting dealt with joint gas marketing in the Great Britain and potential implementation of joint gas production projects in third countries.
Eivind Reiten confirmed Hydro’s readiness to take part in the North-European gas pipeline project, expressing intentions to build up more intensive cooperation with the European gas market players.
Eivind Reiten informed Alexey Miller of the progress in the Ormen Lange field development. The parties highly appreciated the use of underwater gas pipelines and technologies by Hydro for the field development.
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 EUR18.88 and 1.53 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.
Information Directorate, OAO Gazprom