Seeking Alpha

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

  • 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.
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