Pohokura Partners to Make Investment Decision by Mid-2004

The Pohokura joint venture partners have confirmed that a final investment decision to develop the one billion dollar gas-condensate field project would be made no later than June 2004.

The partners said they had confirmed the work program proposed by the project operator Shell Todd Oil Services Ltd to achieve the investment decision. This decision would lead on to the procurement and construction stage.

The partners also reviewed the progress of the Pohokura field's development studies and the project plan.

The current target for commissioning the field and achieving plateau gas production is mid-2006. This schedule was subject to the usual uncertainties attached to any large engineering project in the early stage of definition, the partners said.

Partners in the project are Shell, OMV and Todd.