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Statoil ASA, Faroe Petroleum plc's Faroe Petroleum Norge, Det Norske Oljeselskap ASA and Total E&P Norge to Close North Sea Glitne Field-DJ


Wednesday, 31 Oct 2012 09:22am EDT 

Dow Jones reported that Statoil ASA is to close the Glitne field in the North Sea, held together with Faroe Petroleum plc's Faroe Petroleum Norge, Det Norske Oljeselskap ASA and Total E&P Norge, after its lifetime has been extended several times and said the field has produced the double of what was originally estimated. The field, which was discovered in 1995 and came on stream in 2011, was initially expected to produce for around three years but through a number of process and well measures and the drilling of new wells, its lifetime has been extended several times. The field's total output has amounted to 55 million barrels, which is more than double the original estimate. Statoil owns a 5.9% stake in the field with Faroe Petroleum Norge, Det Norske Oljeselskap, Total E&P Norge owning the rest. 

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