Statoil's Castberg project will happen, new Norway energy minister says

|About: Statoil ASA (STO)|By:, SA News Editor

Statoil's (STO) Johan Castberg oil project in Norway’s Arctic Barents Sea, long delayed because of cost overruns, tax changes and uncertain reserve estimates, will be developed, the country’s new energy minister declares.

The new Conservative-led government that took power last week has said it will consider changes to taxation to stimulate increased recovery from producing and marginal fields.