Eni delays Barents Sea Goliat field startup until mid-2015

|By:, SA News Editor

Eni (E +0.9%) says it and partner Statoil (STO +0.7%) will further delay startup of the Goliat oil field in the Barents Sea to mid-2015, following technical challenges and significant cost overruns.

Goliat was set to start producing in this year's Q4, but much work remains to finish the rig at the Hyundai Heavy Industries yard in Korea.

Eni says the project is now estimated to cost 45B kroner ($7.6B), compared with an original estimate of 31B kroner in the operator's development plan from 2009.