A week after signaling a slowdown, Norwegian energy company Statoil said it was investing more than $600 million to develop a North Sea discovery. Statoil holds the majority interest in the Rutil discovery in the Gullfaks reserve area of the North Sea alongside its Norwegian state-owned counterpart Petoro and Austrian energy company OMV. Statoil said it would invest $610 million to develop the discovery using existing infrastructure. “By using existing infrastructure and standardized solutions we are able to create great value for our owners,” Ivar Aasheim, a senior vice president for field development on the Norwegian continental shelf, said in a statement Tuesday. Statoil procurement head Jon Arnt Jacobsen said last week the company was suspending contracts for four rigs because of lower profitability. Analysis from […]