By Dominic Chopping

Norway's Equinor ASA (EQNR.OS) and its partners on Tuesday submitted a plan for further development of the Troll field on the Norwegian continental shelf, a plan with an estimated spending of 7.8 billion Norwegian kroner ($953 million) that will extend the the productive life of the field to beyond 2050.

"The third phase of the Troll development realises 2.2 billion barrels of oil equivalent, it has a break-even of less than $10 per barrel," said Margareth Ovrum, executive vice president for Technology, Projects and Drilling of Equinor.

"This is probably one of the most profitable and robust projects in the company's history."

Since it came on stream in 1995 the Troll field has generated an estimated NOK1.4 trillion in revenues, equivalent to NOK175 million per day on average, Equinor said.

Partners on the Troll field include Equinor as operator with a 30.58% interest, Petoro with 56%, Norske Shell with 8.10%, Total E&P Norge with 3.69% and ConocoPhillips Skandinavia with 1.62%.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

July 03, 2018 05:50 ET (09:50 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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