Statoil: Troll C Field to Remain Shut for Days

OSLO - Norwegian oil and natural gas producer Statoil ASA said Friday it won't know for a few days how long its Troll C platform in the North Sea will remain out of operation.

The company stopped production Thursday after discovering corrosion during a routine inspection of two tanks used to treat the gas. Statoil said the corrosion occurred under insulation, a well-known problem.

"In a few days we will be able to give more information about the expected duration of the production stop," Statoil said.

Troll C is one of three platforms at the giant Troll field, and produced about 120,000 barrels of oil and 10.5 million cubic meters of gas, according to the company.

Operator Statoil has a 30.58% stake in the Troll field, while Petoro AS has a 56% stake. The remaining stake is split among AS Norske Shell, Total E&P Norge AS and ConocoPhilips Skandinavia AS.

The Fram license, which is connected to Troll C, owns 50,000 barrels a day of the oil production and 2 million cubic meters a day of its gas production.

Statoil has a 45% stake in the Fram license, while ExxonMobil Exploration & Production Norway AS holds 25%. Idemitsu Petroleum Norge AS and GDF Suez E&P Norge AS each have 15%.

At 1329GMT, Statoil shares traded 1% lower at NOK136.10.

Copyright (c) 2013 Dow Jones & Company, Inc.

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