OSLO, Dec 18 (Reuters) – Statoil and partners expect to invest some 8.2 billion Norwegian crowns ($933.87 million) in the development of the Oseberg Vestflanken 2 project off Norway, the firm said on Friday.
Production is expected to start in the second quarter of 2018, Statoil said in a statement. Vestflanken 2 is seen to produce in excess of 100 million barrels of oil equivalents in its lifetime.
Oseberg Vestflanken 2 is the first of three planned phases for developing the remaining reserves in the Oseberg area, Statoil said.
Statoil’s partners in Oseberg are Norwegian state-owned firm Petoro with 33.6 percent, France’s Total with 14.7 percent and ConocoPhillips with 2.4 percent. Statoil’s stake is 49.3 percent.
($1 = 8.7807 Norwegian crowns)
(Reporting by Stine Jacobsen, editing by Gwladys Fouche)
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