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Grane contract to Kværner

Hydro awarded Kvaerner Oil and Gas the contract to build the power generation module and living quarters for the Grane platform in the North Sea. The contract has an estimated value of about NOK 500 million (USD 56 million).The Grane field, which is located some 185 kilometres west of Stavanger, Norway, will be developed with an integrated accommodations, process and drilling platform mounted on a steel jacket. Combined total investments are estimated at NOK 15 billion (USD 1.7 billion). The Grane field, which has an estimated 700 million barrels of recoverable oil, is expected to reach a maximum output of 214,000 barrels per day in 2005. The oil will be transported by pipeline to the Sture terminal north-west of Bergen, Norway.