(Updates with additional detail, background)
OSLO (Thomson Financial) - StatoilHydro ASA said it has decided with its
partners to invest up to 10 billion Norwegian crowns to extend the life and
increase the recoverable reserves of the North Sea's Troll oil and gas field.
Under a new development and operation plan, StatoilHydro said gas injection
at the Troll West field will increase the field's total oil reserves by 17
million barrels, while other changes mean the field will now be able to produce
oil profitably until 2030.
The development plans will not affect the level of gas production from Troll
East, currently at 120 million standard cubic metres per day, StatoilHydro said.
The Norwegian oil giant is the operator of the field with a stake of 30.58
percent stake.
Its partners are state-owned Petoro with 56 percent, Shell with 8.1 percent,
Total with 3.69 percent and ConocoPhillips with 1.62 percent.
Troll holds 60 percent of the gas reserves on the Norwegian continental
shelf, making it the largest gas field in the North Sea.
The offshore modifications are scheduled to start this year and the gas
injection plant will be up and running by the turn of the year 2011-2012,
StatoilHydro said.
alastair.reed@thomsonreuters.com
ar/ms1/ar/sal
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