Statoil Gets Green Light for Snohvit

Based on the information received from the Efta Surveillance Authorities (ESA) May 31, the Snohvit partners are preparing to proceed with the Snohvit project.

The partners in Snohvit, with Statoil as operator, resolved on March 21st to halt work on the project at Melkoya outside Hammerfest in northern Norway until the ESA had clarified the framework terms.

Activity at the Melkoya site will now be resumed as quickly as possible, reports Snohvit project director Egil Gjesteland. Snohvit licensees holding individual sales deals with customers in the USA and Spain have been able to remove conditional clauses in their contracts. "We're relieved at this clarification and look forward to getting the project restarted," says Mr. Gjesteland.