10 Billion Dollar Norwegian Sea Project Planned By Statoil

29 Jan 2013

Norwegian oil and gas group Statoil would be 57 billion kroner ($10 billion) to develop a new sea project.

The plan has been submitted to the Norwegian government to begin development of the Aasta Hansteen field. The field is believed to hold 47 billion cubic metres of gas, starting in late 2017.

"Polarled will open a new region and facilitate further exploration activities and development of future discoveries in the area," a senior Statoil official, Eldar Saetre, said in a statement.

Aasta Hansteen field is located approx. 300 km from Norway's north-western coast. Development cost of the oil and gas field is estimated at 32 billion kroner, and at full-capacity the production would be around 130,000 barrels of oil every day.

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