Statoil Focuses on Subsea to Cut Snorre Costs by $1.9 Billion

  • Company shelves platform option to cut investment by 30%-40%
  • No guarantees yet project will be realized, Statoil VP says

Statoil ASA abandoned the idea of building a new platform to boost oil recovery at the North Sea Snorre field, focusing instead on a subsea solution that has cut the investment estimate by as much as 40 percent on a project closely watched by Norwegian authorities.

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