Statoil (STO) is set to move ahead with its ninth fast-track North Sea project after gaining...

|About: Statoil ASA (STO)|By:, SA News Editor

Statoil (STO) is set to move ahead with its ninth fast-track North Sea project after gaining approval for its development plan for the Svalin oilfield from Norway regulators. The field holds estimated recoverable reserves of ~75M boe and will be developed as a subsea tie-back to the nearby Grane platform for ~$792M. STO +1.1% premarket.