Norway approved the plans of ConocoPhillips for a 6.1 billion crowns (US$667.1 million) development of the Tor II Field, which is expected to start production in fourth-quarter 2020, the oil and energy ministry said Nov. 14.
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 48.2%, Eni’s subsidiary Vaar Energi 10.82%, Equinor 6.64% and Petoro 3.69%.
The second-largest U.S. oil company also said it will reduce funding to the various gas-related opportunities.
The move comes shortly after former COO Olivier Le Peuch took over the top job in July, following years of declines in Schlumberger's share price and a hit from cuts in spending by producers.
Transaction bolsters Alerian’s position as a major provider of global indexes, data and research.