The decision is supported by the Ormen Lange field development participants, ConocoPhillips as investor and Gassco as the future Ormen Lange Transportation system Operator.
The Ormen Lange plans for Development and Operation (PDO) and Pipeline Installation and Operation (PIO) are scheduled to be submitted to the authorities during 4Q2003.
The Ormen Lange field is the largest undeveloped gas field on the Norwegian continental shelf. It is located approximately 100 kilometers northwest of the Møre and Romsdal coast at a water depth of some 1000 meters. The estimated gas reserves are 375 billion cubic meters of dry gas, and 22 million cubic meters of condensate.
Participants in the Ormen Lange license are: Norsk Hydro as operator during development and construction with 17.956%; Shell as operator during production with 17.2%; Petoro with 36%; Statoil with 10.774%; ExxonMobil with 7.182% and BP with the remaining 10.888%.
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