Statoil announced that they, along with four partners plan to build an oil pipeline that would connect the Ivar Aasen aand the Edvard Grieg oil pipeline to existing oil pipelines in the North Sea.
The fields which are currently under development are located on the Utsira High geological formation. This includes the Johan Sverdrup field which forecasted to hold up to 3.3 million barrels of oil equivalent. This is field is not yet developed.
The settled amount that will be used to build the pipeline is worth US$343 million.
The use of the new 43 km pipeline is estimated to start autumn of 2015. This is to transport oil to the nearby Grane oilfield. This field has a current connection via pipeline to the Sture oil terminal on located on the west coast of Norway.
Other partners in the Grieg and Aasen fields are Germany's Bayerngas and Wintershall and Sweden's Lundin Petroleum. Bayerngas and Wintershall is a unit of Germany's BASF, Austria's OMV and Norway's Det norske.
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