Statoil invests billion in gas satellite

Aker Solutions and Subsea 7 will secure contracts after the oil company's third development application for a Norwegian field this year.

Photo: Marit Hommedal - Statoil

Statoil has decided to develop the gas field Snefrid Nord. Together with partners Wintershall, OMV Norway, and ConocoPhillips, approximately NOK 1.2 billion (EUR 125 million) will be invested in the gas field, which has approximately 5 billion m3 in recoverable gas.  According to a press release from Statoil, the Norwegian oil company is expecting to produce approximately 4 million m3 daily, and have production 5-6 years after the opening in 2019.

Snefrid Nord is the third instance where Statoil has applied for a development permit this year. Like the two previous permits, Njord Future and Bauge, it also lies in the Norwegian Sea and will function as satellite to the major Aasta Hansteen gas field.

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