Statoil to invest NOK 40 billion at Snoehvit to maintain production

EnergyReuters

Norway's Statoil will invest about 40 billion Norwegian crowns ($6.99 billion) in the upcoming development phases at its Snoehvit natural gas field in the Arctic to maintain production until 2040, a spokesman said on Tuesday.

Statoil said earlier on Tuesday it had dropped its plans to expand its Snoehvit field due to insufficient reserves.

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(Reporting by Henrik Stolen)