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Norway : Norway unveils US$10b Arctic gas projects
Publish Date : 10-Jan-2013
Norway\'s energy industry shifted its focus further north as oil and gas companies on Tuesday announced over US$10 billion worth of projects in the Arctic to extract and transport offshore natural gas.
Statoil unveiled plans to develop its 47 billion cubic metre Aasta Hansteen gas field in the Norwegian Sea for US$5.7 billion, and a consortium of 10 firms agreed to spend a further US$4.5 billion to build the 480 kilometre Polarled pipeline to bring the gas to an onshore processing plant.
\"No other oil/gas pipeline of this dimension has ever been laid this deep before,\" Statoil said. \"Polarled will open a new region and facilitate further exploration activities and development of future discoveries in the area.\" The investments are likely to lead to further investment in the Arctic and have set the stage for this summer\'s licensing round, in which Norway plans to sell 86 blocks, mostly in offshore Arctic areas.
\"The Aasta Hansteen opens up a new gas province in the northern part of the Norwegian Sea,\" Norway\'s oil ministry said in a statement. \"The creation of new infrastructure in the area will facilitate further development and increased exploration activity.\" Polarled, Norway\'s biggest offshore gas pipeline since Langeled started to deliver Norwegian gas to Britain in 2007, will be finished by late 2016 and will also collect gas from several smaller fields, including Royal Dutch Shell\'s Linnorm and RWE\'s Zidane.
