By OGJ editors
HOUSTON, Nov. 24 -- Dansk Olie & Naturagas AS (DONG), plans to acquire BP PLC's 10.34% stake in Ormen Lange gas and condensate field on the Norwegian continental shelf for $1.2 billion. The deal includes BP's 10.2% stake in the Langeled export pipeline.
Ormen Lange field is slated to begin producing 2.5 bcfd in October 2007. The $9.5 billion development project is the largest in Norway's history. The field lies on Block 6305/5 more than 100 km northwest of Aukra, Norway, in 3,300 ft of water. Reserves are 14 tcf of gas and 180 million bbl of condensate.
Participants in Ormen Lange are Norsk Hydro ASA, AS Norske Shell, Statoil ASA, Esso Norge AS, and Norway's state Petoro AS. Norsk Hydro is the operator of the development stage, and Shell will operate the field in the production phase.
