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Statoil gets Norway’s OK for Njord, Bauge developments

Published 06/21/2017, 02:59 PM
© Reuters.  Statoil gets Norway’s OK for Njord, Bauge developments
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  • Statoil (OL:STL) (STO -1.9%) says Norwegian authorities approved its $2.3B plan for the Njord and Bauge developments in the Norwegian Sea.
  • STO plans to upgrade the Njord A platform and the Njord Bravo FPSO vessel in an effort to recover resources remaining on the Njord and Hyme fields., which are believed to hold ~175M boe.
  • Oil has been produced from the Njord Field since 1997, and STO says the upgrades will enable the field to produce for another 20 years.
  • STO is operator for both the Njord and Bauge field, with respective ownership stakes of 20% and 35%.
  • Now read: Exxon Mobil (NYSE:XOM): Value Trade Or Trap?


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