June 24, 2020 / 11:53 AM / 17 days ago

Norway's Hod oilfield revamp to cost $596 mln, Aker BP says

OSLO, June 24 (Reuters) - Aker BP’s Hod oilfield redevelopment in the North Sea will cost an estimated 5.7 billion crowns ($596 million) of investment, the Oslo-listed company said on Wednesday.

Norway’s parliament earlier this month approved temporary tax cuts for oil companies to spur investments in new projects and save jobs amid the COVID-19 pandemic and a plunge in the price of crude. ($1 = 9.5617 Norwegian crowns) (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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