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ConocoPhillips submits $1.1 bln Norway oil development plan

BY Reuters
— 5:41 AM ET 05/09/2022

SANDEFJORD, Norway, May 9 (Reuters) - ConocoPhillips (COP) submitted on Monday a plan to develop an oil discovery in the Norwegian North Sea for 10.5 billion Norwegian crowns ($1.10 billion), the U.S. petroleum company said.

Known as Eldfisk North, the development is part of the wider Ekofisk area, where oil has been pumped for more than 50 years, and the new reserves are expected to come on stream in 2024, the company said. ($1 = 9.5506 Norwegian crowns) (Reporting by Nerijus Adomaitis and Nora Buli, editing by Terje Solsvik)

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