Statoil Submits NOK1 Billion Plan for Norway Oil and Gas Project
August 19 2016 - 6:16AM
Dow Jones News
By Kjetil Malkenes Hovland
OSLO--Norway's Statoil said Friday it had submitted a plan to
the Norwegian government for the NOK1 billion ($121.84 million)
Byrding oil and gas project in the North Sea, its second such plan
this month, a sign that significant cost cuts are boosting the
profitability of minor projects.
"Byrding shows that successful improvement efforts in Statoil,
and in this case particularly within drilling and well, allow new
development projects to be realized," said Torger Rod, Statoil's
head of project development.
Statoil said the cost of the project, set to hold 11 million
barrels of oil equivalent, had been reduced from NOK3.5 billion to
NOK1 billion. Byrding is set to produce 8,000 barrels a day at its
peak, and will connect to the existing Troll C platform, helping to
boost its activity and production.
The company said Byrding, which was formerly known as Astero,
would be profitable even at today's oil prices.
Statoil last week handed in the plan to Norwegian and U.K.
authorities to develop the Utgard field, a 3.5-billion-krone
project straddling the U.K.-Norway median line in the North
Sea.
Write to Kjetil Malkenes Hovland at
kjetilmalkenes.hovland@wsj.com
(END) Dow Jones Newswires
August 19, 2016 06:01 ET (10:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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