Statoil (STO), Partners Submit Development Plans for $5.6B North Sea Play
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Statoil (NYSE: STO) is on watch today following submission of a large development plan to Norway's Petroleum & Energy Ministry.
According to upstreamonline.com, Statoil and its partners plan to invest $5.6 billion on development of the Dagny field in the North Sea.
The project will use a fixed-platform rig and covers four licenses. Recoverable reserves in the play are estimated at 225 million barrels of oil equivalent (BOE).
There will also be a onshore-based power solution which will have one gas turbine installed for power generation.
Several contracts are expected to be handed out in 2013, with peer Maersk Drilling already being awarded one for production drilling.
Shares of Statoil are lower in early trading Thursday.
According to upstreamonline.com, Statoil and its partners plan to invest $5.6 billion on development of the Dagny field in the North Sea.
The project will use a fixed-platform rig and covers four licenses. Recoverable reserves in the play are estimated at 225 million barrels of oil equivalent (BOE).
There will also be a onshore-based power solution which will have one gas turbine installed for power generation.
Several contracts are expected to be handed out in 2013, with peer Maersk Drilling already being awarded one for production drilling.
Shares of Statoil are lower in early trading Thursday.
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