Statoil to review Snorre recovery project, as capex cuts, new taxes weigh

Statoil (STO -0.7%) says it may delay an investment decision on its Snorre recovery project in the North Sea after announcing plans last year to build a new drilling and processing platform at the field to extract an extra 300M barrels of oil and extend output until ~2040.

"We have to revisit the project," CFO Torgrim Reitan says without further explanation, but STO last year postponed its Johan Castberg oil project in the Barents Sea, citing among other reasons a Norway tax change limiting deductions companies can make.

STO has since cut planned spending by 8% for the next three years and said it would be more selective about which projects to invest in.

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Comments (1)
  • Veritas1010
    , contributor
    Comments (3291) | Send Message
    Leave it under the sea if the Norwegian governments policies are so capital unfriendly.
    20 Mar 2014, 01:18 PM Reply Like
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