Norway Govt Approves Tyrihans Project

Statoil ASA said the Norwegian Parliament has approved the development plan for the Tyrihans offshore oil and gas field. The $2.1 million project will see production begin in 2009, and hold estimated reserves of 182 million barrels of oil and condensate, and 34.8 billion cubic meters of natural gas. Statoil is the operator of the Tyrihans project, with a 46.8 percent stake. Other partners include Total, who will hold 21.51 percent following the sale of a 5 percent stake in the field to ExxonMobil, expected to be completed soon. ExxonMobil will then hold an 11.75 percent stake. Norsk Hydro ASA holds 12 percent, and Eni SpA has a 7.9 percent stake. Separately, Total said the initial plateau production at the Tyrihans field should reach 70,000 barrels of oil equivalent per day in 2011. (Source: Forbes)