OSLO, Norway, August 15, 2003 (PRIMEZONE) -- The Centrica site at Easington in England has been selected as the location for a new reception facility to be constructed for the Ormen Lange Gas Pipeline.
The decision is supported by the Ormen Lange field development participants, ConocoPhillips as investor and Gassco as the future Ormen Lange Transportation system Operator.
The Ormen Lange plans for Development and Operation (PDO) and Pipeline Installation and Operation (PIO) are scheduled to be submitted to the authorities during 4Q2003.
The Ormen Lange field is the largest undeveloped gas field on the Norwegian continental shelf. It is located approximately 100 kilometers northwest of the Moere and Romsdal coast at a water depth of some 1000 meters. The estimated gas reserves are 375 billion cubic meters of dry gas, and 22 million cubic meters of condensate.
Participants in the Ormen Lange license are:
Norsk Hydro ASA (17.956%) (Operator for development and
construction)
A/S Norske Shell (17.2%) (Operator in the production phase)
Petoro AS (36%)
Statoil ASA (10.774%)
Esso Exploration and (7,182%)
Production Norway AS
BP (10,888%)
***** Certain statements in this press release are or may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not in the nature of historical facts may be deemed to be forward-looking statements and may contain identifying words such as "believes", "anticipates", "plans", "expects" and similar expressions. These forward looking statements are based on Hydro's current expectations, assumptions, estimates and projections about the company and the industries in which it engages in business. All forward-looking statements involve risks and uncertainties. For a detailed description of factors that could cause Hydro's actual results to differ materially from those expressed in or implied by such statements, please refer to its annual report on Form 20-F for the year-ended December 31, 2002 and subsequent filings on Form 6-K with the U.S. Securities and Exchange Commission. With respect to each non-GAAP financial measure Hydro uses in connection with its financial reporting and other public communications, Hydro provides a presentation of what Hydro believes to be the most directly comparable GAAP financial measure and a reconciliation between the non-GAAP and GAAP measures. This information can be found in Hydro's earnings press releases, quarterly reports and other written communications, all of which have been posted to Hydro's website (www.hydro.com).
Contact Bengt Lie-Hansen Hege Marie Norheim Telephone +47 22538457 (+47) 22 53 81 25 Cellular +47 91391473 (+47) 95 70 64 27 E-mail bengt.lie.hansen@hydro.com hege.marie.norheim@hydro.com
Norsk Hydro ASA Oil and Energy N-0246 OSLO Norway Telephone: (+47) 22 53 81 05 Fax: (+47) 22 53 85 53 www.hydrooilandenergy.com
-0-
---END OF MESSAGE---
-0-