Snow White Receives Approval

Norway's parliament approved the project to develop the first natural gas field in the Barents Sea despite protests from environmentalists. Parliament voted 75-25 for the NOK 46 billion Snow White project off the northern tip of Norway, which will include Europe's first liquefied natural gas (LNG) plant.

The three parties of the center-right government and the opposition Labor Party teamed up to back the project after a day-long debate. Statoil, as operator, will lead the consortium that will develop Snow White which was discovered in 1984. Statoil holds a 22.29 percent stake in Snoehvit, the Norwegian state 30 percent, Norsk Hydro 10.0 percent, TotalFinaElf 18.4 percent, Gaz de France 12.0 percent, Amerada Hess 3.26 percent RWE-DEA 2.81 and Svenska Petroleum 1.24 percent.

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