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Wednesday, June 10, 2009

Gazprom and StatoilHydro pair up in north

06-05-2009 - Upstream OnLine - The heads of Gazprom and StatoilHydro, Alexei Miller and Helge Lund, signed a three-year memorandum of understanding today to work together in exploring and developing northern regions of Russia and Norway. The agreement was signed in St. Petersburg today on the sidelines of the XIII International Economic Forum, and replaces the 2005 memorandum of understanding between Gazprom, Statoil and Hydro. “The document envisages that both companies jointly engage in geological exploration, development and production of hydrocarbon resources in northern regions,” said StatoilHydro in a statement. The agreement will not only see the two companies work together towards discovering and developing new fields, but also in the design of technologies for such activity. "The development of the biggest of the projects – the Shtokman field – will become a starting point for the development of Arctic hydrocarbon reserves, a catalyst for the design and adaptation of technologies, which will help our companies operate efficiently in harsh northern climatic conditions,” said Miller. Gazprom and StatoilHydro are partners in the Phase 1 of the Shtokman gas condensate field development.

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