STAVANGER, Norway – The Kristin gas export project (KGEP) partners have decided to terminate the project due to unsustainable economics.
The KGEP – a pipeline connection between the Kristin field and the Polarled pipeline system – was sanctioned by the KGEP partners (Statoil 53.4%, Petoro 35.6%, and GdFS 11%) in conjunction with the Polarled project sanction in late 2012. The partners are terminating the KGEP based on unsustainable project economics involving increased costs and volume risk.
KGEP represented less than 5% of the Polarled volumes, and the termination does not influence the Polarled project execution.
KGEP included Kristin platform modifications and a 30-km (18-mi) pipeline to tie into the Polarled pipeline. The opportunity for the future connection of the Kristin field to the Polarled pipeline is maintained as necessary connection points continue to be part of the project.