Norwegian oil and gas company Statoil ASA (STL.OS) said Tuesday that the company and its partners have decided to develop the Rutil discovery located in the Gullfaks Rimfaks valley in the North Sea.

The company said it has now submitted a development plan for Gullfaks Rimfaks valley. The development will provide around 80 million barrels of oil equivalent and will extend the lifetime of the Gullfaks A platform.

Write to Tapan Panchal at tapan.panchal@wsj.com

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