By Ian Walker

International energy company Statoil ASA (STL.OS) said Monday it is buying Wintershall Norge's 25% interest in the Byrding project on the Norwegian Continental Shelf for an undisclosed sum, increasing its share to 70%.

Byrding is an oil and gas discovery in the northern part of the North Sea operated by Statoil.

The field is scheduled to come on stream in the third quarter of 2017 and will yield a return in the same year as investments are made.

Write to Ian Walker at; @IanWalk40289749

(END) Dow Jones Newswires

October 31, 2016 06:59 ET (10:59 GMT)

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