Norsk Hydro Successful at 17th Norwegian Concession Awards

Minstry of Petroleum and Energy has offered Norsk Hydro operatorships and equity in the company's highest ranked areas in the 17th concession round on the Norwegian Continental Shelf.

The award of high equity and opertorships in two areas, in addition to participating interest in a third, confirms Hydro's competitive position on the Norwegian Continental Shelf. The award strengthens the company's position as a major long-term gas player in Norway and improves the basis for further growth for Hydro on the Norwegian Continental Shelf, says the president of Exploration and Development Norway, Mr. Torstein Dale Sjotveit.

Fles Nord has potentially large gas resources and is therefore of particular interest for the company. The Fles Nord blocks are located at water depths of 900 meters centrally in the Voring Basin, approximately 150 kilometers northwest of the Asgard field on Haltenbanken.

Hydro's position in the Ormen Lange project, Fles Nord and the company's remaining exploration possibilities in the Norwegian Sea, including the Solsikke prospect to be drilled later this year, gives the company a unique position for further development of proven and potential gas resources in this important area, says Sjotveit.

Hydro is offered:

  • PL 283 30 % (operator)
  • PL 286 60 % (operator)
  • PL 282 25 % (partner)