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Statoil (STO) cited government proposals to raise petroleum taxes in its decision to postpone...

Statoil (STO) cited government proposals to raise petroleum taxes in its decision to postpone its Johan Castberg field project in the Barents Sea, but STO also is said to be facing a cost overrun of ~$5.2B even before development work starts. The project’s original breakeven oil price of $64/bbl has grown to $74 due to other cost factors aside from the tax effect that would raise it further to $81, according to a Norwegian source.
Comments (2)
  • wigit5
    , contributor
    Comments (3969) | Send Message
     
    Poor management
    6 Jun 2013, 09:52 AM Reply Like
  • hakuna-matata
    , contributor
    Comments (8) | Send Message
     
    Looks like STO will not be leaving the low 20s territory for a while.
    6 Jun 2013, 12:30 PM Reply Like
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