- Statoil (STO -0.7%) says it submitted a plan to Norway's oil ministry on extending the lifetime of the Njord oil and gas field in the Norwegian Sea, and for development of the nearby Bauge oil and gas field.
- STO says combined capex for the fields totals NOK19.8B ($2.35B), with NOK15.7B on the Njord field and NOK4.1B on the Bauge Field.
- The company forecasts the two fields to produce 248M boe/day, with production startup for both projects expected in late 2020
- The Njord extension and Bauge development plans are the first two plans for development and operation to be submitted to Norway's oil ministry in 2017, with as many as 10 plans total expected during the year.