Statoil To Decide On Snorre 2040 Development Concept Next Autumn



Reuters

STAVANGER, Norway, Nov 18 (Reuters) – Norway's Statoil will decide next autumn on how to upgrade the Snorre oil and gas field in the North Sea, a company executive said on Wednesday.

The Snorre 2040 extension project, which has been estimated to cost $4 billion, has previously been postponed as Statoil sought to bring down the price of developments.

"Right now we are working... to have a concept decision next fall," Statoil Senior Vice President of Operations South, Mette Halvorsen Ottoey, told an energy conference.

"We are doing everything we can to look at the costs at that one (platform), and we are also considering if there might be a solution to use subsea," she added.

The Snorre upgrade has been estimated to yield an additional 300 million barrels of oil, Statoil has previously said.

(Reporting by Stine Jacobsen, writing by Terje Solsvik)



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