Statoil Invests $1.4B In North Sea To Lift Output

Law360, New York (August 22, 2012, 2:43 PM EDT) -- Statoil ASA and its state-owned partner on the Gullfaks South oil project in the North Sea said Wednesday they will invest 8.5 billion Norwegian kroner ($1.44 billion) into two new subsea templates and six extra wells, a move to boost output by 65 million barrels of oil equivalent.

The announcement comes as Statoil's North Sea production, which has fallen steadily for nearly a decade, is poised to grow again, following huge new discoveries and a fast-track plan to bring them on stream in half the average...
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