Norway Govt Approves $9 Bln Gas Field Operated By Statoil, Shares Edge Down

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Norway's government Friday approved the massive Aasta Hansteen gas field project in the Norwegian Sea as well as the major Polarled pipeline linking it to shore, which will cost $9.4 billion.

Operator of the field is Statoil ( STO ) which edged down in pre-market trade. Other partners include ConocoPhillips ( COP ), Total ( TOT ), off 0.7% in pre-market to $47.93 and Edison International ( EIX ).

The 480 km Polarled pipeline, located about 300 km offshore Norway, will transport gas from Aasta Hansteen field and future field developments in the Norwegian Sea to the gas processing plant onshore.

The Aasta Hansteen field has reserves of 46.5 billion cubic meters of gas and 0.9 million cu m of condensate.



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This article appears in: Investing , Commodities

Referenced Stocks: COP , EIX , STO , TOT

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