Copenhagen—Norwegian state-controlled Statoil said Wednesday it has received approval to extend the production life of the Njord oil and gas field and develop the new Bauge satellite field in the Norwegian Sea for a combined investment of NOK20 billion ($2.34 billion). Statoil said the project would pave the way for developing other new producing fields in the same area. The approval is another shot in the arm for Norway, a major gas supplier to Europe, whose crude oil production has sunk from a peak of more than 3 million b/d a decade ago to around half that currently.
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