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The breakeven price for Statoil's (STO -0.7%) Barents Sea oil field Johan Castberg has risen to...

The breakeven price for Statoil's (STO -0.7%) Barents Sea oil field Johan Castberg has risen to $85/bbl vs. a previous estimate of $71, Wood Mackenzie says after STO's surprise decision to delay the project due to higher costs. "When a field that contains 500M barrels isn't profitable, it's worrisome," another analyst says. "It's a warning call about the sector's cost development."
Comments (4)
  • Nawar Alsaadi
    , contributor
    Comments (431) | Send Message
     
    peak cheap oil at work ...
    7 Jun 2013, 12:04 PM Reply Like
  • saratogahawk
    , contributor
    Comments (1655) | Send Message
     
    Not so much about the sector's cost but more about the cost of doing business in Norway.
    7 Jun 2013, 12:46 PM Reply Like
  • Veritas1010
    , contributor
    Comments (1352) | Send Message
     
    STO has lost a step, The Norwegian government a half-a-league.
    7 Jun 2013, 10:00 PM Reply Like
  • tarpio
    , contributor
    Comments (11) | Send Message
     
    I think that the decision of delaying the project has to see with the Norwegian government intention to increase taxes over oil production.
    8 Jun 2013, 05:41 AM Reply Like
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