StatoilHydro ships first LNG cargo to US

Uchenna Izundu
International Editor

LONDON, Feb. 25 -- StatoilHydro AS has delivered its first cargo of LNG from the Hammerfest liquefaction plant in Norway to Cove Point in the US.

The cargo arrived on Feb. 21 and marks the first export of European LNG to the US.

Cove Point is undergoing an expansion program and StatoilHydro has secured all of the new capacity. It will acquire 10 billion cu m/year of gas capacity from 2009.

Snohvit gas field is in the Norwegian Barents Sea. StatoilHydro will market a total of 4 billion cu m/year of gas at the field's full capacity.

Rune Bjørnson, StatoilHydro's executive vice president for the natural gas business area, said that he was confident that trading of LNG would become as flexible as oil–globalizing the market.

Snohvit field licencees are StatoilHydro (operator) 33.5%, Petoro 30%, Total E&P Norway 18.4%, Gaz de France 12%, Hess 3.3%, and RWE Dea Norway 2.8%.

Contact Uchenna Izundu at uchennai@pennwell.com.

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