Gulf Oil and Gas accountACCOUNT

Statoil Terminates the Kristin Gas Export Project

Source: www.gulfoilandgas.com 1/9/2014, Location: Europe

The Kristin gas export project (KGEP) partners made a decision to terminate the project due to unsustainable economics caused by increased investment costs and increased risk to volume availability.

The Kristin gas export project (KGEP) – a pipeline connection between the Kristin field and Polarled – was sanctioned by the KGEP partners (Statoil 53.4%, Petoro 35.6% and GdFS 11%) in conjunction with the Polarled project sanction late 2012.

Following the last year's project development, the partners have decided to terminate the project based on unsustainable project economics. The drivers behind the decision are increased costs and volume risk.

KGEP represented less than 5% of the Polarled volumes and the termination does not influence the Polarled project execution. All relevant stakeholders have been informed about the KGEP partners' decision to terminate the project.

"It is a necessary decision that has been taken by the KGEP partners. With the deteriorating project economics, we did not see grounds to continue the KGEP development," says Polarled development project director Hakon Ivarjord.

KGEP included Kristin platform modifications and a 30-kilometre pipeline to tie into the Polarled pipeline. The opportunity for the future connection of the Kristin field to the Polarled pipeline is maintained as necessary connection points continue to be part of the project.

Oil and Gas Pipeline >>

Oil and Gas Pipeline News in Norway >>

Iran >>  8/18/2019 - Touraj Dehghani The CEO of the Petroleum Engineering and Development Company (PEDEC), mentioning the country’s policies regarding the timely implemen...
Russia >>  8/12/2019 - The pipelay vessel CASTORO 10 (C10) is currently located off Rügen to tie together the two ends of a Nord Stream 2 pipe string laid last year on the s...

Niger >>  8/6/2019 - China National Petroleum Corp (CNPC) signed a contract with the government of Benin in West Africa to build and operate a crude oil pipeline in the re...
Russia >>  8/3/2019 - The last Nord Stream 2 pipe stored within the premises of the port of Karlshamn left the storage area earlier today. Nearly 39,000 pipes have transite...

Australia >>  7/30/2019 - Royal Boskalis Westminster N.V. (Boskalis) has been awarded the contract for the seabed intervention and shore crossing activities for Woodside’s prop...
United Arab Emirates >>  7/30/2019 - The Abu Dhabi National Oil Company (ADNOC) has entered into a further follow-on pipeline infrastructure investment agreement with GIC, Singapore’s sov...

Related Categories: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 

Related Articles: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.