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Norway to shut touted Statoil carbon capture project

  • Norway is shutting down the Statoil-operated (STO -1.6%) Mongstad full-scale CO2 capture project, ending the highly touted environmental project whose risks are now seen as too big to continue.
  • STO says it hasn't been able to solve the technical challenges with installing a huge, complex capture plant at a refinery and gas heat and power plant in full operation.
  • The uncertainty about the project also increased because of the struggling western European refinery business, which has hurt margins at the Mongstad refinery, the government says.
  • The carbon capture technology is somewhat similar to the kind new U.S. rules will demand in new coal plants.
Comments (7)
  • Chancer
    , contributor
    Comments (3126) | Send Message
     
    Environmental nonsense is too costly. Foolish to waste money on non viable environmental technology because of the utter confusion in the heads of environmentalists.
    20 Sep 2013, 04:23 PM Reply Like
  • Veritas1010
    , contributor
    Comments (1637) | Send Message
     
    It is a bit disturbing to see STO involved in non-profitable (but oh so politically correct technology).

     

    Invest when and where it is profitable to do so, otherwise focus on the many challenges that await more orthodox drilling demands in unorthodox areas, like the Article Circle perhaps?

     

    It is moments like this that make you ponder about STO's much touted common (business) sense.
    20 Sep 2013, 05:57 PM Reply Like
  • Chancer
    , contributor
    Comments (3126) | Send Message
     
    STO most likely pushed by the majority control of a socialist government. European socialism goes hand in hand with environmental extremism.
    22 Sep 2013, 12:56 PM Reply Like
  • Marine85
    , contributor
    Comments (267) | Send Message
     
    They canned the project. What did you expect the company to do when its national government was controlled by socialistic kooks? It intended to tax Statoil out of existence. Liberals, socialists and commies all destructive to free people.
    21 Sep 2013, 04:14 AM Reply Like
  • Veritas1010
    , contributor
    Comments (1637) | Send Message
     
    Great commentary Marine85.

     

    Collectivism = the destruction of risk, reward and individual responsibility and true 'caritas'. Just look how far the USA has succumbed to the welfare/warfare model of civilian regulation and control.

     

    Until mankind wakes up to the fact that there are truly ''no free lunches'' we are doomed to the inevitable yoke of Big Brother, Newspeak, and the Thought Police.
    21 Sep 2013, 07:40 PM Reply Like
  • Marine85
    , contributor
    Comments (267) | Send Message
     
    I agree brother. Continue the fight.
    23 Sep 2013, 02:10 AM Reply Like
  • rosenose
    , contributor
    Comments (2681) | Send Message
     
    Defund the US EPA....Protect us from them.
    21 Sep 2013, 08:08 AM Reply Like
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