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13 Feb 2015

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Norway unveils plan to develop huge oil field

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The shadow of President and CEO of Statoil Eldar Saetre is seen as he presents the company's financial results for 2014. (Leon Neal, AFP)

Oslo - State-controlled energy firm Statoil on Friday presented plans to develop the largest oil find off Norway since the 1980s, which is estimated to generate revenues of about $177bn and create 50 000 jobs.

"It is a historic day," Petroleum and Energy Minister Trond Lien said after receiving the a blueprint of the project from Statoil and its partners.

The Johan Sverdrup field was discovered in 2010, and expected to be operated for 50 years.

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