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Statoil to spend more than $2 billion in Norwegian Sea

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Staff Writer | March 27, 2017
Statoil Njord
Oil exploration   Njord production was halted

Statoil said it submitted plans to the government to spend more than $2 billion to revitalize operations in the Norwegian Sea.

The Norwegian Petroleum Directorate, the nation's energy regulator, said Monday it received plans from Statoil to extend the lifetime of the Njord field and open up new areas in the nearby Bauge discovery in the Norwegian Sea.

The company plans to spend $1.8 billion on Njord and $481 million on Bauge.

"We are interested in ensuring investments to extend field lifetimes," Kalmar Ildstad, an assistant director for development at the NPD, said in a statement.

This will allow both recovery and value creation to increase, while also opening up opportunities for developing other discoveries in the area."

Njord production was halted last year and the infrastructure on the field was towed to shore after cracks were found on the production structure.

Most of Statoil's development budget for the two projects covers upgrades to Njord production structures.


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