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Hydro best at keeping budgets

October 15, 2003, 10:00 CEST

Hydro is the best among the operator companies on the Norwegian continental shelf at keeping within development budgets, according to the latest figures from the Ministry of Petroleum and Energy.

“These are positive figures, and we are very pleased,” says senior vice president Olav Jan Støve in Hydro Technology and Projects.

The figures that the ministry presented to the Storting (Norwegian parliament) show that Hydro’s developments of the Grane and Fram Vest fields have been completed at almost NOK 3 billion below budget in addition to being ahead of schedule. The Norwegian national daily newspaper Aftenposten reports that “Hydro is the clear winner in the class for keeping costs under control.”

“This achievement is due to the fact that we have very experienced and able employees who are also very loyal. Our organization has executed a large number of projects and we have gained a good deal of experience, also during periods of budget overruns."

“Such experiences form the basis for our projects, and the figures show that we have been able to learn from experience,” says Støve.

Støve believes Hydro also benefits from the experiences gained from its major land-based developments for example within aluminium and energy, which supplement its experiences from offshore projects.

“Having a development organization that ensures continuity and transfer of experience also from land-based projects is an important factor. This gives us a broad experience base,” says Olav Jan Støve in Hydro Technology and Projects.