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Dow Jones Newswires: BP Files $5 Billion Norwegian Skarv Oil And Gas Project Plan With Government

June 29, 2007: 06:55 AM EST

STOCKHOLM -(Dow Jones)- The Norwegian ministry of petroleum and energy Friday said a consortium of oil companies led by BP PLC (BP) has submitted a plan to develop the Skarv and Idun field in the Norwegian Sea.

In a separate statement, BP said the estimated cost of the project was be NOK30 billion ($5.08 billion).

Statoil ASA (STO), Norsk Hydro ASA (NHY), Royal Dutch Shell PLC (RDSA) and ExxonMobil Corp. (XOM) are the other licensees in the consortium.

According to a ministry press release, the field has the potential to produce 16.8 million cubic meters of oil and 48.3 million cubic meters of gas. Production is estimated to start in 2011.

-By Johan Carlstrom, Dow Jones Newswires; +46 85 45 13 099; [email protected] dowjones.com

(Benoit Faucon in London contributed to this report)

  (END) Dow Jones Newswires
  06-29-07 0655ET
  Copyright (c) 2007 Dow Jones & Company, Inc.

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