HAMMERFEST, Norway, April 19 (UPI) -- With the industry facing tightened purse strings, Norwegian energy company Statoil said it was examining plug-and-play concepts of field development.
The company unveiled the so-called Cap-X subsea development concept at a Barents Sea energy conference in Hammerfest, Norway. Jez Averty, a vice president in charge of exploration strategies for Statoil, said the concept is part of a strategy to reduce costs at no detriment to efficiency.