StatoilHydro Submits Yttergryta PDO to Norwegian Agency

On Jan. 18, the plan for development and operation (PDO) of Yttergryta was submitted to the Norwegian Ministry of Petroleum and Energy. The gas field is located around five kilometers northwest of Asgard B in the Norwegian Sea.

Expected production from Yttergryta is approximately 1.75 billion standard cubic meters (Sm3) of gas with very low carbon dioxide (CO2) content. It will be developed with a subsea template tied back to the Asgard B platform.

Start-up is scheduled for the first quarter of 2009. The production period will be between three to five years with a maximum anticipated production of 3.5 million Sm3 per day.

The exploration well that was drilled in June 2007 will be converted to a production well in 2008. The template for the subsea production facility has already been installed. Development costs will total around NOK 1.2 billion, including drilling expenses.

StatoilHydro is operator for Yttergryta with a 45.75% interest. The other licensees are Total with 24.5%, Petoro with 19.95% and Eni with 9.8%.

The PDO for Yttergryta is a "simplified" version. The Ministry's processing is expected to take a maximum of eight weeks.

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