Statoil Ponders FPU for Developing Skrugard Discovery

Statoil, the Norwegian oil major, said Tuesday it and its partners are considering developing the Skrugard discovery in the Barents Sea by means of a floating production unit with additional capacity to process and transport oil from other prospects in the area.

Statoil said a floating production unit would result in rapid and cost-efficient development of the discovery. The production unit will have separate oil storage and offshore loading capability with a production capacity of 95,000 barrels of oil per day.

Discovery of the Skrugard was made in April 2011. Volumes are estimated to be around 250 million barrels of recoverable oil equivalents, with a considerable upside potential. There are several prospects in the near vicinity and Statoil will look into the possibility of including possible discoveries in a total development solution.

Partners in the licence are Statoil, the operator, with 50 percent, ENI S.p.A. (ENI.MI) with 30 percent and Petoro with 20 percent.

Earlier Tuesday, shares in Statoil were 0.1% higher at $25.62 (NOK152.80).

Dow Jones Newswires' Sven Grundberg contributed to this report.

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