LYCOS RETRIEVER 
Norsk Hydro Asa: Oil
built 628 days ago
Norsk Hydro ASA is an offshore producer of oil and gas, as well as an integrated aluminium supplier with operations in nearly 40 countries. The consolidated financial statements of Norsk Hydro ASA and its subsidiaries (Hydro) prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) are included on pages F1 to F3. The consolidated financial statements prepared in accordance with accounting principles generally accepted in Norway (N GAAP) are located on pages F3 to F5. Financial statement preparation requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as disclosures of contingencies. Actual results may differ from estimates.
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Norsk Hydro ASA has, on behalf of the partners in the Troll production license, entered into two contracts with Awilco Offshore ASA for rental of the two newly-built semi-submersible drilling rigs WilInnovator and WilPromotor. “These two rig contracts provide a good technical and commercial solution for the long-term drilling requirements on Troll. Hydro is developing a long-term plan to increase the oil reserves in the Troll field through an extensive drilling program,” said Senior Vice President Øystein Michelsen, head of Operations at Hydro.
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Norsk Hydro has in the past two months made two promising oil and gas finds in the Oseberg area of the North Sea. These, together with a previous discovery, will likely form the basis for a new subsea production development tied into the Oseberg field center.
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"Norsk Hydro joins the ranks of many leading energy exploration companies that are able to accelerate their seismic processing and seismic interpretation workflows with the affordable, scalable, Linux-based systems from SGI," said Michael Brown, energy segment manager, SGI. "The increased performance, accuracy and productivity that Norsk Hydro has achieved with SGI Altix and Silicon Graphics Prism systems allows them to stay ahead in the ever changing oil and gas industry."
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Norsk Hydro, the oil and energy, light metals and agri group, confirms that Hydro and Sociedad Quimica y Minera de Chile S.A. (SQM) have signed an agreement to cooperate in the area of sales and marketing of specialty fertilizers as announced by SQM on Friday November 23, 2001. The intention to sign such an agreement was announced by the two companies in May 2001.
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Norsk Hydro said in a statement that commercial oil reserves in Troll had risen from zero in 1986 to around 1.4 bln barrels. Hydro is pushing to increase oil recovery from Troll, where the goal is to boost reserves by 30 pct to over 2 bln barrels of oil.
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