Statoil to spend $600 mln on small oil development
OSLO, March 20
OSLO, March 20 (Reuters) - Norwegian energy firm Statoil has agreed to spend 3.5 billion crowns ($600 million) to tie its small Smoerbukk oil field into its Aasgard development, hoping to recover 16.5 million barrels of oil equivalent, it said on Wednesday.
Production from the Smoerbukk extension in the Norwegian Sea is expected to start in third quarter of 2015, the firm said in a statement.
"The recovered gas will be reinjected in the reservoir in order to maintain the reservoir pressure as oil is drained out," it said.
Statoil is Aasgard's operator with a 34.6 percent stake while other partners include state holding firm Petoro (35.7 percent), Eni (14.8 percent), Total (7.7 percent) and ExxonMobil (7.24 percent).
- Russian-backed separatists enter southeast Ukraine town
- U.S. air strikes on Syria would face formidable obstacles
- Samsung unveils smartwatch that can make calls
- FBI, Secret Service investigate reports of cyber attacks on U.S. banks
- Breakthrough hopes dented as Ukraine accuses Russia of new incursion |