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Norway approves ConocoPhillips field development

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By Reuters
Norway approves ConocoPhillips field development
FILE PHOTO: Logos of ConocoPhillips are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai   -   Copyright  Toru Hanai(Reuters)

OSLO (Reuters) – Norway approved the plans of ConocoPhillips <COP.N> for a 6.1 billion crowns (£521.33 million)development of the Tor II field, which is expected to start production in the final quarter of 2020, the oil and energy ministry said on Thursday.

The project will allow restarting output at the Tor field, which had been producing oil and gas from 1978 until 2015, targeting reserves of around 68 million barrels of oil equivalent, it added in a statement.

ConocoPhillips has a 30.66% stake in the license, Total <TOTF.PA> 48.2%, Eni’s <ENI.MI> subsidiary Vaar Energi 10.82%, Equinor 6.64% and Petoro 3.69%.

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)