In the Barents Sea, Statoil is developing the Snohvit project, which contains an estimated 5.7 Tcf of proven Natural Gas reserves. Snohvit will combine production from three gas fields (Snohvit, Albatross, and Askeladd), a Pipeline connecting these fields to an onshore receiving terminal near Hammerfest, and a liquefied natural gas (LNG) export terminal.

According to Statoil, first production from the Snohvit field should occur in 2007, with production from the other two fields beginning in over the following 5-10 years.

Norway is the second-largest exporter of natural gas to the EU, behind Russia. According to Statistics Norway, the country exported an exported 2.0 Tcf of natural gas to the EU in 2004. Germany is the largest source of Norway's gas exports, followed by France, the United Kingdom, and Belgium.

Source: Energy Information Administration