Norsk Hydro and Enventure Form Joint Venture

Norsk Hydro recently signed an agreement with Enventure Global Technology, L.L.C. that incorporates Solid Expandable Tubular (SET™) Technology into their Tekno2005 program to develop new reserves and reduce development costs in their Norwegian Offshore fields. "This agreement provides a unique opportunity for a MonoDiameter™ application," said Robert Hinkel, president and chief executive officer of Enventure. "Norsk Hydro recognized MonoDiameter technology as a viable means in which to access reserves cost effectively by capitalizing on structures and facilities that are already in place."

The cooperative effort between Hydro and Enventure consists of the first field application of Enventure's MonoDiameter System in combination with Hydro's multi-well, extended-reach field development scenario. These installations will be fit-for-purpose applications to maximize recovery of reserves at distances exceeding 10 km from the drilling structures. One potential candidate is the Ormen Lange field. Production from this field is expected to supply the United Kingdom with 20% of their total gas demand by 2007.

"The demand for hydrocarbon fuels shows no sign of waning and energy companies require technology that goes further and faster and is more economical and reliable," said Hinkel. "This MonoDiameter field application exemplifies Hydro's commitment to utilizing innovative technology to increase oil and gas recovery while minimizing impacts on the environment."

To date, Enventure has performed 272 installations and expanded more than 55 miles (89 kilometers) of pipe for 63 operators globally. Enventure Global Technology, L.L.C. is the world's leading provider of solid expandable tubular solutions and holds or has pending over 300 patents for its proprietary systems.