UPDATE:Kvitebjoern Likely To Stay Shut To At Least Spring 09
Wednesday August 20th, 2008 / 11h18
(Updates with company comment.) OSLO -(Dow Jones)- StatoilHydro ASA (STO) said Wednesday the Kvitebjoern gas field is likely to remain closed until after a planned repair program to the associated gas export pipeline has been carried out in spring, 2009. The company had decided after evaluation that the export pipe would continue to be used before the repair program, despite being dragged out of place by a ship anchor last autumn. But a new problem - a gas leak detected in the area adjacent to the older damage - means the pipe will now stay offline until the planned repairs have been carried out, StatoilHydro spokeswoman Rannveig Stangeland said. At the same time, the company maintained its 2008 equity production guidance figure of 1.9 million barrels of oil a day. Stangeland said that Kvitebjoern was already offline for maintenance when a small leak was found on the field's gas export pipeline. "It went down for maintenance earlier this month," said Stangeland. "Kvitebjoern will be offline for as long as the pipe is shutdown...Our plan is to the repair the pipeline in spring 2009. We're looking into ways of repairing it now, hoping to get it repaired quicker," Stangeland said. Norwegian Petroleum Directorate figures show Kvitebjoern is expected to produce 23,000 barrels of oil a day and a total of 6.08 billion cubic meters of gas in 2008. Those figures look likely to be slashed by at least a third. Company Web site: http://www.statoilhydro.com -By Elizabeth Cowley, Dow Jones Newswires; +47 22 20 10 58; elizabeth.cowley@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=17jN%2BY%2BLk7RqyXnxJNeFvw%3D%3D. You can use this link on the day this article is published and the following day.
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