The plan for development and operation for Ormen Lange, the largest Norwegian development project of our time, was submitted to the Minister of Petroleum and Energy Einar Steensnæs on Thursday.
The giant project Ormen Lange has a cost frame of NOK 66 billion, and the first gas will be delivered to the market in October 2007.
"This is a great day for Hydro," said President and CEO Eivind Reiten. "Today we have submitted the development plan for Hydro's largest single project ever, and we do so with full support from all the partners involved."
The plan for development and operation (PDO) for Ormen Lange was unanimously approved with acclaim when it was presented to the other licence partners last week.
The giant project is estimated to cost NOK 66 billion. NOK 19.5 billion of this has been allocated to the transport system. This also will involve Langeled the world's longest subsea export pipeline, which will run 1200 kilometres from Aukra in Nyhamna municipality to Easington in England.
The Ormen Lange licence has awarded contracts in connection with the development to a value of more than NOK 12 billion during the last two months.
Around a third of these have been awarded to Norwegian contractors, who have won in stiff competition with players from other countries.
The Ormen Lange field is the largest gas field under development on the Norwegian continental shelf.
It is situated at a depth of 1100 metres in the Norwegian Sea, 100 kilometres north west of the Møre coast.
Once production starts, export to England is expected to account for 20 percent of Norway's gas exports.
The gas from the Ormen Lange-field will cover 20 percent of the UK's demand for gas.