Statoil delays Arctic Johan Castberg field decision to 2015

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

Statoil (STO) says it is delaying a development decision for the Johan Castberg project in the Barents Sea unit summer 2015, as it considers a possible joint venture to lower costs.

An exploration campaign that uncovered crude in only two of five prospects in the area around the discovery over the past year has "not proven enough resources in Castberg to make the field viable for supporting infrastructure including a pipeline to shore and a terminal on its own,”, says STO’s development and production chief for Norway.

Statoil and partners Eni (E) and Petoro were planning to present a decision on a concept by this summer after postponing the project last year because of rising costs, a tax increase and doubts on available resources.