Statoil (STO -1%) and its partners reportedly decide to move ahead with the NOK32B ($5.8B)...

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

Statoil (STO -1%) and its partners reportedly decide to move ahead with the NOK32B ($5.8B) development of the financially challenging Aasta Hansteen field in the Norwegian Sea. The project would require construction of a new 480-km gas export pipeline from the field to the Nyhamna processing plant. Shares are cut to Sell from Underperform at BMO.