Statoil Puts Up $7B To Develop North Sea Oil Field

Law360, New York (December 21, 2012, 7:03 PM EST) -- Statoil ASA is going to put more than $7 billion into developing the 55,000-barrel-per-day Mariner field in the British North Sea, the largest offshore project the U.K. has seen in more than 10 years, the Norwegian oil giant announced Friday.

Statoil, which bills itself as the world's largest offshore operator, will need to draw on knowledge it racked up in Brazil and Norway to tap the 250 million barrels of heavy crude it estimates is locked in  the Mariner field's two shallow reservoirs, known as the...
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