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Statoil wants more of Snoehvit

Statoil is reportedly negotiating with Norsk Hydro to take over Hydro's 10 percent share in the massive Snoehvit (Snow White) gas project off northern Norway's Finnmark coast, according to Aftenposten's sources

Statoil is reportedly negotiating with Norsk Hydro to take over Hydro's 10 percent share in the massive Snoehvit (Snow White) gas project off northern Norway's Finnmark coast, according to Aftenposten's sources.

For the time being the construction and development of the field where the gas will be brought on land to Hammerfest has been most notable for exceeding budget projections by NOK 5 billion (USD 747 million).

If Statoil succeeds in its bid it would become the major player in Snoehvit's ownership, going up to 32.29 percent, compared to Total with 18.4 percent.

Norsk Hydro sent out signals as early as January 2003 that they wanted to withdraw from oil and gas operations in the north.

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