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Statoil Shuts Snorre B Platform

|Includes:RWEOY, Statoil ASA (STO), XOM

Statoil said that it has shutdown oil production at its Snorre B platform in the North Sea after detecting a soil shift under a drilling template. The Snorre Field spans across Blocks 34/4 and 34/7 in the Tampen area of the Norwegian North Sea.

Production was first shut on 17-May-2014 when more problems were discovered during a restart attempt, the firm said.

Ownership of Snorre Field: Statoil (33.31%, operator), Petoro (30%), ExxonMobil (17.4%), Idemitsu Petroleum (9.6%), RWE (8.6%) and Core Energy (1.1%).

In Jan-2014, Statoil announced that drill fluid was lost as a well was being drilled on the Snorre A platform in the Tampen area of the North Sea.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: STO, XOM, RWEOY