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Statoil to invest in new North Sea field

The Norwegian oil company and partners have delivered their plan for the development and operation of the Utgard field in the North Sea. The project is expected to require investment of more than USD 400 million, though less than expected.

Photo: Øyvind Hagen/Statoil

It is not every day that announcements of new activities in the North Sea arrive. But on Tuesday afternoon, Statoil announced an investment which will bring new life to the British and Norwegian shelves. The oil company has thus submitted plans for its construction and operation of the Utgard gas field, which lies on the sea border between Norway and the UK.

The gas pocket, which is estimated to contain 56.4 million barrels of oil equivalent, lies within the territory of both countries. As such, there are both British and Norwegian licenses for the field, and while Statoil last month bought up complete control over the British share, Lotos and Total are co-owners of the Norwegian share. Statoil is the operator here as well with a share of 62 percent.

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