December 21, 2017 / 6:51 AM / a year ago

Statoil presents $2.3 bln plan for Snorre oilfield extension

OSLO, Dec 20 (Reuters) - Norway's Statoil on Thursday presented plans to extend output from the North Sea Snorre oilfield by some 25 years and increase recovery by close to 200 million barrels.

The overall investment cost will slightly exceed 19 billion Norwegian crowns ($2.26 billion) and production will start in 2021, Statoil said in a statement.

The company awarded contracts worth some 9 billion Norwegian crowns to subcontractors, including TechnipFMC, Subsea 7, Aibel and Transocean.

The long-awaited project, which was initially postponed so that Statoil could cut costs and improve profitability, is still subject to formal approval by Norwegian authorities.

Statoil's partners in the license are Petoro, Exxon Mobil , Idemitsu, DEA and Point Resources. ($1 = 8.4111 Norwegian crowns) (Reporting by Terje Solsvik, editing by Nerijus Adomaitis)

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