Lucapa Diamond (TG:NHY)
Historical Stock Chart
From Oct 2019 to Oct 2024
Gazprom Appoints Hydro as Partner in Shtokman
OSLO, Norway, June 4 /PRNewswire-FirstCall/ -- Alexey Miller, the top
executive of the Russian oil company Gazprom indicated in a meeting with
Hydro's President and CEO, Eivind Reiten, on Thursday that Hydro could be one
of the most important partners in the Shtokman gas field, situated on the
Russian side of the Barents Sea.
It has been agreed that a work group shall now draw up a proposal for the
concrete agreements on Hydro's possible participation in the development of the
Shtokman field.
"This is very pleasing for Hydro and for Norwegian offshore expertise as a
whole. Hydro is now seeing the results of its long-term engagement in oil and
gas activities in Russia," says Eivind Reiten, President and CEO in Hydro.
The head of Gazprom, Alexey Miller, underlined at the meeting that Hydro could
be one of the most important partners in the development of the gas field, on
the basis of Hydro's unique technological position and its experience of
offshore production and the transportation of gas from offshore fields.
"This is a recognition of Hydro's expertise after 30 years on the Norwegian
continental shelf, and not least Hydro's technological project expertise from
the Ormen Lange field development, which we hope to transfer and expand in the
development of Shtokman together with Gazprom. There is potential here for
reducing the cost estimate for the development by 30 percent," Reiten points
out.
"Gazprom seems to feel that Hydro can contribute to an efficient development of
Shtokman, but it must be underlined that there are a number of questions that
need to be clarified, such as the progress plan for the development, ownership
stakes and other conditions."
The Shtokman gas field is one of the largest in the world, localized in the
deep water continental shelf on the Russian side of the Barents Sea, around 500
kilometres from Murmansk.
Hydro is a Fortune 500 energy and aluminium supplier operating in more than 40
countries. We are a leading offshore producer of oil and gas, the world's
third-largest aluminium supplier and a leader in the development of renewable
energy sources. Our 36,000 employees create value by strengthening the
viability of the customers and communities we serve.
Certain statements in this press release are or may constitute "forward-
looking" statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements that are not in the nature of historical facts
may be deemed to be forward-looking statements and may contain identifying
words such as "believes", "anticipates", "plans", "expects" and similar
expressions. These forward looking statements are based on Hydro's current
expectations, assumptions, estimates and projections about the company and the
industries in which it engages in business. All forward-looking statements
involve risks and uncertainties. For a detailed description of factors that
could cause Hydro's actual results to differ materially from those expressed in
or implied by such statements, please refer to its annual report on Form 20-F
for the year-ended December 31, 2002 and subsequent filings on Form 6-K with
the U.S. Securities and Exchange Commission. With respect to each non- GAAP
financial measure Hydro uses in connection with its financial reporting and
other public communications, Hydro provides a presentation of what Hydro
believes to be the most directly comparable GAAP financial measure and a
reconciliation between the non-GAAP and GAAP measures. This information can be
found in Hydro's earnings press releases, quarterly reports and other written
communications, all of which have been posted to Hydro's website
(http://www.hydro.com/).
Contact Cecilie Ditlev-Simonsen Idar Eikrem
Telephone (+47) 22 53 20 97 (+47) 22 53 32 73
Cellular (+47) 41 55 92 50 (+47) 95 02 83 63
E-mail
DATASOURCE: Norsk Hydro
CONTACT: Cecilie Ditlev-Simonsen, +47-22-53-20-97, or cellular:
+47-41-55-92-50, or , or Idar Eikrem,
+47-22-53-32-73, or cellular: +47-95-02-83-63, or , both
of Norsk Hydro
Web Site: http://www.hydro.com/