Statoil delays Barents project as it looks to cut costs
Crude uncovered in only two of five prospects which makes venture less profitable
Helge Lund, chief executive officer of Statoil. Photograph: Andrey Rudakov/Bloomberg
Statoil will look for ways to finance a pipeline to shore and a terminal for the development as it implements “a number of measures in order to reduce costs” over the next year, the company said.
“The exploration campaign has proven less new oil resources in the Castberg area than expected,” said Arne Sigve Nylund, executive vice-president for development and production.
An exploration campaign that cost about three billion kroner (€358m), aimed at boosting volumes and making the project more profitable, uncovered crude in only two of five prospects. – (Bloomberg)