Norway Government Approves Development Of Troll Project

   DOW JONES NEWSWIRES 
 

The Norwegian Government said Friday it has approved the plan for development and operation of the Troll project.

 
   MAIN FACTS: 

-Troll project helps to get more out of the resources on the field and will increase the lifetime of the field.

-This contributes to valuable income for the country and to new jobs, says Oil and Energy Minister Terje Riis-Johansen.

-Troll is the largest gas field on the Norwegian continental shelf, and one of the fields with the greatest remaining oil reserves.

-StatoilHydro ASA, on behalf of the licensees in production license 054 and 085, which is StatoilHydro, Total E & P Norway, Petoro, ConocoPhillips Norway and Norske Shell, submitted a plan for development and operation of the Troll project.

-Projects are for the long-term development of oil and gas resources in the Troll field.

-The plan does not include a new development, but two modifications should extend the Troll field's life.

-The operator has estimated the investments related to the Troll project to NOK5.7B.

-Total employment is expected to impact on the national level of about 5,500 man-years in the development phase.

-By Stockholm Bureau, Dow Jones Newswires; [phone]; [e-mail]