By Giulia Petroni

Wintershall Dea AG has submitted a plan to Norway's Ministry of Petroleum and Energy for the development of the Dvalin North gas field with the aim to increase gas exports to European countries.

The German oil-and-gas company said Tuesday that together with partners Petoro and Sval Energi will invest 780 million euros ($822 million) to develop the discovery. The field, which is located 200 kilometers off the coast of northern Norway, is estimated to contain around 84 million barrels of oil equivalent and is scheduled for start-up in late 2026.

Wintershall Dea operates the field with a 55% share. Petoro owns a 35% share, while Sval Energy has the remaining 10%.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

December 13, 2022 08:02 ET (13:02 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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