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Statoil to invest NOK 40 bln at Snoehvit to maintain production

OSLO, Oct 2 (Reuters) - Norway's Statoil will invest about 40 billion Norwegian crowns ($6.99 billion) in the upcoming development phases at its Snoehvit natural gas field in the Arctic to maintain production until 2040, a spokesman said on Tuesday.

Statoil said earlier on Tuesday it had dropped its plans to expand its Snoehvit field due to insufficient reserves.

(Reporting by Henrik Stolen)

((victoria.klesty@thomsonreuters.com)(+47 2293 6979)(Reuters Messaging: victoria.klesty.thomsonreuters.com@reuters.net))

Keywords: STATOIL SNOEHVIT/