Statoil to invest NOK 40 billion at Snoehvit to maintain production

Tue Oct 2, 2012 6:48am EDT
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OSLO (Reuters) - Norway's Statoil (STL.OL: Quote) will invest about 40 billion Norwegian crowns ($6.99 billion) in the upcoming development phases at its Snoehvit natural gas field in the Arctic to maintain production until 2040, a spokesman said on Tuesday.

Statoil said earlier on Tuesday it had dropped its plans to expand its Snoehvit field due to insufficient reserves.

(Reporting by Henrik Stolen)

A logo of Statoil is pictured at a petrol station in the evening in the center of Warsaw February 5, 2012. REUTERS/Kacper Pempel