Statoil Eyes $6.8B Norwegian Sea Drilling Platform Expansion

Law360, New York (October 28, 2013, 3:21 PM EDT) -- Statoil ASA is planning on building a new $6.8 billion offshore drilling platform project in the Snorre field of the Norwegian Sea in order to maximize the extraction of the remaining oil reserves, the oil and gas giant said Monday.

The Norwegian petroleum company said building a new platform in addition to its two existing platforms in the field would boost drilling capacity and oil recovery, extending the life of the field to 2040. 

"The platform solution is the best alternative for maximizing production and creating...
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