Statoil to invest over EUR 1 billion to vastly extend lifespan of Norwegian field

The field should have been closed by 2014 at the latest, but against all odds it continues to produce, and now the lifespan of the Snorre field has been extended to 2040.

Photo: Hjalmar Otto Fjøsne/Aker Solutions

If recent news from the Norwegian oil and gas group were anything to go by, it seems Statoil has deep pockets.

Several investments in Norwegian fields have been announced over the past few months, and now Statoil has announced that it plans to extend the Snorre field until at least 2040, giving it the potential to produce a further 200 million barrels of oil. The extension will cost NOK 19 billion (EUR 1.91 billion)

Over 2017, Statoil has announced investments totaling NOK 90 billion on the Norwegian continental shelf.

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