Statoil suspends planned Snøhvit LNG expansion


Norwegian oil and gas major Statoil ASA said the owners of the Snøhvit natural gas field in the Barents Sea have decided to cancel work on a possible increase in gas export capacity from its liquefied natural gas plant at Melkøya.

Statoil said the Snøhvit partners have been looking at an expansion over the past 18 months, but have cancelled such plans for now because current gas finds do not provide the basis for further capacity.

"With new gas discoveries, increased capacity may again be considered," said Statoil, which owns 36.79% of Statoil and is the operator of the Snøhvit license.

Norwegian state-owned company Petoro holds 30% of the license, while Total E&P Norge owns 18.40%, GDF SUEZ E&P Norge holds 12% and RWE Dea Norge owns 2.81%.

The Snøhvit project is Europe's first and only export facility for LNG.

Dow Jones Newswires

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