Statoil Reports Progress on Gjoa

Statoil said that the licensees in the Gjoa license in the North Sea have decided to use a semi-submersible platform for the field development, targeting first oil and gas in 2010.

The aim is to send the plan for development and operation (PDO) to the Ministry of Petroleum and Energy during the autumn. A final cost estimate will also be available by then.

"The Gjoa licensees are pleased that they have now agreed in favor of a development plan," says Einar Erfjord, leader of the Gjoa management committee. "Optimal oil production requires a platform on the field."

The Gjoa field is located 70 kilometers north of the Troll field and some 45 kilometers off the coast of western Norway. Making the Gjoa project profitable has been demanding. It has therefore taken some time to arrive at the chosen development concept, which ties in the three Hydro-operated oil and gas deposits Camilla, Belinda and Fram B to Gjoa.

"This will have great coordination benefits and will support the further exploration and development of the area. In the long run it may also be relevant to tie in any new discoveries to the Gjoa facilities," Mr Erfjord says.

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