Statoil says Aasta Hansteen gas development on schedule for 2017

Statoil (STO +0.7%) says its Aasta Hansteen gas development in the northern Norwegian Sea is on schedule for drilling in H1 2016 and production start-up in Q3 2017.

STO considers development of Aasta Hansteen and its Polarled pipeline as the most complex industrial project in Europe, as the company is taking Norwegian gas infrastructure northward into the Arctic Circle for the first time.

STO expects to invest ~NOK57B on the project, which will include the largest SPAR platform in the world, which is expected to set a new depth record of 1,300 meters for a field development and pipeline on the Norwegian continental shelf.

Aasta Hansteen is estimated to hold ~1.66T cu. ft. of natural gas.

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