Statoil To Extend Lifetime Of Norne Field To 2030 From 2014

Reuters

OSLO, Jan 9 (Reuters) – Norwegian energy company Statoil said it would extend operations at its Norne oil and gas field, originally scheduled to shut down last year, to 2030.

"The remaining resources in the Norne area may total as much as 300 million barrels of oil equivalent-the equivalent of an Aasta Hansteen field," Norne operations vice president, Kristin Westvik, said in a statement on Friday.

"We now aim to increase the recovery factor to 60 percent," Westvik said.

No details on new investments was disclosed.

Statoil, the operator of the field in the Norwegian Sea has a 39.1 percent stake in the field, while state holding firm Petoro has 54 percent and ENI has 6.9 percent.

(Reporting by Stine Jacobsen; Editing by Balazs Koranyi)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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