The Kristin gas export project (KGEP) partners made a decision to terminate the project due to unsustainable economics caused by increased investment costs and increased risk to volume availability.

The Kristin gas export project (KGEP) – a pipeline connection between the Kristin field and Polarled – was sanctioned by the KGEP partners (Statoil 53.4%, Petoro 35.6% and GdFS 11%) in conjunction with the Polarled project sanction late 2012.

Following the last year's project development, the partners have decided to terminate the project based on unsustainable project economics. The drivers behind the decision are increased costs and volume risk.

KGEP represented less than 5% of the Polarled volumes and the termination does not influence the Polarled project execution. All relevant stakeholders have been informed about the KGEP partners' decision to terminate the project.

Tags: Statoil