The Minister of Petroleum and Energy officially opened the Asgard Field on June 7, 2001. The inauguration ceremony marks the end of the most complicated subsea development ever carried out in the international oil and gas industry. Asgard will help to supply European daily energy needs for many years, and will also strengthen Norway's position as one of Europe's leading suppliers of natural gas. The development consists of:
- The Asgard field: an extensive system of wells and pipelines, the oil production vessel Asgard A, the gas platform Asgard B and the storage vessel Asgard C.
- The 707- kilometer Asgard Transport trunkline which links gas producing fields in the Norwegian Sea to Karsto north of Stavanger and the consumer markets in Europe.
- The gas treatment complex at Karsto
- Europipe II, a 650-kilometer pipeline extending from Karsto to existing land facilities near Dornum in Germany.
The development cost NOK 65.7 billion. Despite a significant increase in costs, the Asgard project will provide considerable earnings. Oil production began on May 19, 1999, and gas production started on October 1, 2000. Condensate has been stored on Asgard C since May 25, 2000.