Snøhvit development prospects hinge on LNG commerciality

Gas discoveries in the Snøhvitarea of the Barents Sea-currently only marginal economically-could become commercially viable if sufficient LNG markets materialize within the next 6 years, according to a new report by Edinburgh analysts Wood Mackenzie. Financial feasibility of the Snøhvitproject also will depend on the Norwegian government's provision of full tax advantages to the operators, WoodMac concluded, and on the operators' broad employment of the most recent advances in LNG technology.Snøhvitis located in Norway's Hammerfest basin, in the southern Barents Sea. Three fields-Snøhvit, Askeladd, and Albatross-make up the Snøhvitarea. The r...

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