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Norway approves Wintershall's Maria oil field development

Reuters - UK Focus

OSLO, Sept 4 (Reuters) - Norway has approved BASF subsidiary Wintershall's plan to develop the Maria oil and gas field in the Norwegian Sea, the government said in a statement on Friday.

Operator Wintershall has previously estimated the development to cost around 15.3 billion Norwegian crowns ($1.85 billion)..

The discovery has around 180 million barrels of oil equivalants, mostly oil, and is expected to start production in the fourth quarter of 2018.

Partners (Other OTC: PGPHF - news) in the license are state firm Petoro, Britain's Centrica (LSE: CNA.L - news) and UK-based Sequa Petroleum (Paris: NL0010623518 - news) . ($1 = 8.2658 Norwegian crowns) (Reporting by Terje Solsvik, editing by Stine Jacobsen)