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| "This stake in Scarv-Idun is a vital, but not the last step in implementing our upstream gas strategy." |
| Dr. Wulf H. Bernotat |
E.ON is committed to
broadening its gas sourcing portfolio
Upstream investments such as Skarv-Idun are broadening E.ON's gas supply portfolio. Today E.ON mainly buys gas from producers in Germany, Norway, Russia, the Netherlands, Denmark and Great Britain. "The acquisition of Skarv-Idun is a major move in achieving our objective to generate at least 10 billion cubic meters of natural gas from our own sources annually" says E.ON CEO Wulf H. Bernotat. Gas from own resources is supplied from equity held in fields in the British North Sea and from October 2007 in the Norwegian Sea. Projects such as Skarv-Idun are to increase this share considerably. In an effort to further diversify sourcing the company is planning to start activities in liquefied natural gas (LNG). LNG is shipped from regions which are too far away for their gas fields to be connected to the European gas network with pipelines.
Skarv-Idun is among the largest and most attractive undeveloped gas fields in Norway as the area contains undeveloped discoveries and excellent potential for reserves growth through further exploration. Gas production will start in 2011. E.ON will be producing an average of around 1.4 billion cubic meters of natural gas from these fields for at least ten years. This equals the gas consumption of a city with a population of 2.5 million.
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