January 8, 2013 / 3:50 PM / in 5 years

Statoil approves $5.7 billion for Arctic gas field project

OSLO, Jan 8 (Reuters) - Energy firm Statoil will spend 32 billion Norwegian crowns ($5.72 billion) to develop its Aasta Hansteen gas field in the Norwegian Arctic, aiming to recover 47 billion cubic metres of gas, it said on Tuesday.

Aasta Hansteen, the firm’s second gas project in Norway’s Arctic, will start operating in the third quarter of 2017, later than earlier plans for 2016, using the world’s biggest Spar-type floating platform, state-controlled Statoil said in a statement.

Statoil owns 75 percent of the license while Austrian energy firm OMV holds 15 percent and ConocoPhilips has 10 percent.

To transport the gas to shore, a consortium of ten energy companies also agreed to spend 25 billion crowns to build a 480-kilometre pipeline to an onshore processing plant, Statoil said.

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