Key events in 2008 

In 2008 we had record gas sales, up 10% on the previous year. We also entered into a major strategic agreement with Chesapeake Energy Corporation on shale gas.
  • Record gas sales at record prices. In 2008, we sold 39.3 bcm of entitlement gas, approximately 10% up on 2007. The European piped gas price increased by 42% from 2007 to 240 øre/scm in 2008.  
  • The Chesapeake agreement is a major building block in StatoilHydro's US gas value chain. The agreement gives the company access to reserves produced close to the highest paying market in the USA and builds on our existing Cove Point LNG position and our well-established gas marketing and trading organisation.
  • An agreement to join Swiss EGL Group was signed on 13 February to establish a joint venture to develop, build and operate the Trans Adriatic Pipeline (TAP) potentially supplying the European market with gas from the Caspian Sea and Middle East regions. A final investment decision is linked to the Shah Deniz Stage 2 development. 
  • Diversion of LNG cargoes. For the first time, we sold a cargo of Liquefied Natural Gas (LNG) from the Snøhvit field to Japan. The vessel arrived at the Ohgishima terminal in Tokyo Bay on 22 March. Price differences between continents give us added value by diverting LNG cargoes to the most profitable markets. Eight Snøhvit cargoes originally destined for Cove Point were diverted to other locations in 2008.

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